In order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively to strengthening the longer-term growth potential and reducing vulnerabilities. The implementation of structural reforms in all euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential.
13 See, for example, Thompson, W. and R. Price (2009), The Political Economy of Reform: Lessons from  pensions, product markets and labour markets in ten OECD countries, OECD, Paris, France. 14 Gordon, R. (1996), “Macroeconomic Policy in the Presence of Structural Maladjustment”, NBER Working Paper  Series, No 5739. 7/7  BIS central bankers' speeches