Not that there should be no handicaps but not unequal handicaps. o  •  Work I did on entry regulation: Italian firms small. But low entry. Why? Work I did Rajan, Laeven and Klapper (2006). Italian firms need greater size to overcome fixed costs of entry but grow more slowly. Slower economic growth.
We at the European Central Bank take care of the monetary union; it is up to politicians to very significantly improve the functioning of the economic union. The member countries have to do their homework. We’ve always demanded this, and there is no longer any excuse for sitting back and doing nothing.