A portion of the surplus labour in agriculture could be absorbed in non-farm allied activities. There will be opportunities also in the construction sector which is growing, but a major expansion of job opportunities in the service sector will not be possible without skill improvement. That will inevitably take time. So, much of the burden of job creation falls on the manufacturing sector. 17.
Moreover, the fear was that, without a single currency, repeated cycles of devaluations would distort the conditions for fair competition and undermine the single market in the long run. An economy that increased productivity and competitiveness could be deprived of the benefits it should enjoy, in terms of increased market share, because of currency depreciation in competing countries.