This competition has brought with it pressures on corporate managements to consistently sustain and enhance their financial performance and demonstrably enhance shareholder value. The pressures on management, have in the recent past, also spilled over to auditors and how they conduct their business.
The success of the convergence process ultimately depends on the sustainability of the underlying policies. Shortcomings in the process of convergence across euro area members have been at the root of the challenges we have faced since 2010. But I am pleased to report that progress in addressing those shortcomings is being made. External imbalances and fiscal imbalances are starting to be unwound.