Although most recent analyses seem to indicate that in the euro area it lies within a corridor of 2% to 3%, I would not be surprised if the lower bound of the estimated range is revised downwards as a result of the lower growth in productivity in the euro area during the past ten years.
The Eurosystem also has a vital interest in the proper functioning of financial and payment systems in accession countries. In the context of EU accession, we expect candidate countries to adopt EU legislation in the area of financial services, including those related to banking, insurance and investment firms.