10  From: Ludwig Erhard, “Die Ziele des Gesetzes gegen Wettbewerbsbeschränkungen” (speech to the German Bundestag on 24 March 1955), in Ludwig Erhard, Deutsche Wirtschaftspolitik, Düsseldorf, 1962. BIS Review 65/2007  3  3. Adjustment processes in the euro area  Economic integration is a clear prerequisite for the smooth functioning of the euro area.
All the more because the euro area is continuously confronted with adverse events or shocks, for instance in the fields of global competition or energy price developments. In addition, individual euro area economies or regions may be affected by specific sectoral developments, for example in real estate markets. It is therefore important to make sure that adjustment mechanisms function efficiently.