Since the crisis, the initial dramatic increases in the real exchange rates of those countries have largely been corrected (see slide 5) along with a marked improvement in price competitiveness. In most programme countries relative unit labour costs are now below their respective level in 1999.
The completion of the single rulebook will significantly contribute to the single market and towards creating a level playing field by harmonising regulation at the European Union level. Likewise, the SSM will also contribute to these same goals. A second element of the Banking Union is the establishment of a Single Resolution Mechanism.