This is evidenced by the still unacceptably high unemployment rate in some regions or segments of the labour market, and the very low level of labour productivity growth in the euro area. 1 Implementing and carrying out structural reforms is undoubtedly a challenging and arduous task.
However, it is particularly important to resolutely pursue such reforms in the current environment, where the euro area economy is facing a number of important challenges, including rapid technological change, accelerating globalisation forces and ageing populations. The experience of those European countries, which have undertaken courageous and successful reforms in the past, shows that they pay off.