Some deregulation and liberalisation of previously sheltered sectors has already taken place in recent years, but there remains significant scope for further action along these lines. The favourable impact of such measures in terms of lower price increases have, for instance, become clear in the telecommunications and energy sectors and should be encouragement enough to step up efforts in other sectors as well.
3  BIS Review 22/2000  As regards fiscal policies, the current cyclical upturn provides a good opportunity to intensify the necessary consolidation of public finances. It has to be acknowledged that public deficits have come down in recent years and that budgetary objectives for 1999 seem to have been met by all euro area countries.