18 The golden wage rule states that real wages should grow in line with (medium-run) national productivity and  nominal wages so as to be compatible with price stability. This implies that nominal wages in each country should equal (medium-run) national productivity plus the target inflation rate of the central bank (see, for instance, European Commission, 2005).
In my speech I will examine the measures currently being taken to tackle the crisis – on which opinions are divided – and say a few words about the institutional reforms that are needed in the single currency area.