I should like to emphasise that  2  BIS Review 71/2002  the benefits of these reforms for the economic growth potential of the euro area are likely to be substantial. While these benefits will only be fully reaped over the medium term, I believe that reforms would be particularly important at the current juncture.
Indeed, determined structural reforms in labour, product and financial markets should make a significant contribution to strengthening confidence, making the euro area more attractive for investors. In the end, this will also support economic growth in the short term.