But for any individual member of the euro area to prosper in a globalised world, our contribution needs to be complemented by the work of national policy-makers. Future prosperity requires us all to establish and maintain a competitive position, both inside and outside the euro area. These external and internal dimensions of competitiveness will be the main focus of my remarks.
But first let me say a few words about how we see the current economic situation. The state of the euro area economy Overall, we see continued signs of stabilisation in the euro area economy, albeit still at a low level. The situation in financial markets has clearly improved in response to the ECB’s measures.