Although the spread of electronic money products might affect the stability of monetary indicators, this will be adequately managed by identifying the amount outstanding of electronic money issued and by devising monetary policy management.
Both aspects are particularly important in a monetary union, which makes structural reforms commensurately more pressing. The environment for introducing structural reforms is better today than for several years: all the conditions are in place for governments in the euro area, individually and collectively, to begin addressing their long-term challenges.