To ensure that the advantage of European exporters in specific high value added varieties is not eroded over time, to regain price competitiveness across all euro area countries, and to improve labour market performance and potential output growth, the euro area needs to implement structural reforms directed to boost productivity growth and enhance the functioning of both labour and product markets.
In particular I am very happy to be able to now welcome the President of the ECB, Mario Draghi. 4  BIS central bankers’ speeches