Completing Economic and Monetary Union In order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively to raising the longer-term growth potential of the euro area and reducing its vulnerabilities. Sound fiscal and economic policies at the national level are the first line of defence to make the euro area stronger.
Economic reform needs to be substantially stepped up in euro area countries to increase resilience, reduce unemployment in a lasting way and boost productivity. The country-specific recommendations that the European Commission will publish next month will lay down the main reform priorities to be implemented.