We still have significant progress to make in this domain, despite the fact that the Single Market was the goal of the founding fathers of the European Union, as set out in the Treaty of Rome, and despite the fact that this 50-year endeavour was very strongly reaffirmed with the Single European Act 20 years ago.
According to the OECD, product market regulation remains high in several euro area countries, and the level of such regulation in the euro area as a whole is considered significantly higher than in the United States. Let me also mention the fact that the services sector, which represents 70% of euro area GDP, is far from being fully integrated as an effective single market.