Recent forecasts indicate that the euro area as a whole is on track to bring the deficit to GDP ratio below the 3% reference value by 2013 and to stop the adverse debt dynamics caused by the financial crisis. Of course, there is absolutely no reason for complacency in the euro area.
Much more remains to be done, especially in terms of employment creation, reduction of the level of unemployment and enhancement of Europe’s growth potential. BIS central bankers’ speeches  3  But, we should recognise that the euro has acted in many areas as a catalyst for structural change.