Any weakening of the elements of the Stability and Growth Pact would raise concerns about the credibility of EMU and could erode the confidence in the stability-oriented policy framework of the euro area. 2  BIS Review 46/2002  4)  Structural Policies  Structural reform is the third pillar of success for Europe's monetary union, especially in the longer term.
*** Finally, allow me to conclude my discussion by emphasizing that the Central Bank of the Republic of Kosovo, fully implementing the recommendations of the health institutions, has immediately succeeded in restoring its function to full normality and 100% functionality.