Secondly I will reflect on the areas which still require reforms in order to raise competitiveness and ultimately economic growth in a sustainable manner. Monetary stability and a more open, efficient and competitive economic environment require important complementary initiatives by national policy makers.
I am referring to the urgent need to complete the process of structural reforms, chiefly in the labour, product and capital markets. Let me start with the key successes of the euro to date. Successes of the euro Six years after the start of EMU, we can already count successes on a number of fronts.