In this respect, it is clear that excessive wage regulations are undermining job creation, in particular for young and less qualified workers, as well as for all those who face problems entering the labour market. The proper functioning of adjustment through labour markets also requires the completion of the Single Market.
In particular, all existing barriers to labour mobility within the EU and notably within the euro area must be removed. As to product markets, let me stress that it is also essential that the Single Market be deepened, particularly in services and network industries.