In those euro area member states that have taken up the challenge of structural reform, unemployment has fallen significantly. Other euro area member states are called upon to follow these examples: structural reform throughout the euro area is fundamental to the success of monetary union and to improving Europe’s economic performance.
In this respect, we may also be able to learn something by looking at the reasons behind strong employment growth and low unemployment in some of the member states of the European Union and in the United States, in particular regarding the flexibility of labour markets and incentives to create and accept new jobs.