11 And let me add that the best way of anchoring price stability in economic agents’ decisions is through an independent and accountable central bank. German history provides the best possible example of this. Turning to other factors which are particularly relevant for the proper functioning of the euro area, welldesigned structural reforms that enhance flexibility in product and labour markets are crucial.
This is helping to better absorb shocks and thereby improve the working of adjustment mechanisms in individual countries, regions or sectors. In this context, the Lisbon strategy is a fundamental and ambitious programme to draw Europe’s attention to the urgency of structural reforms.