The ECB’s interest in structural reforms therefore has two dimensions: achieving an efficient implementation of monetary policy in the short-term, and maintaining the integrity of the currency over the longer-term. Both of these feed into euro area price stability. However, our interest is not in how countries implement reforms.
This is a national question and there are different models that can work in a monetary union. Our interest is in whether they succeed in doing so, as it is this that has implications for the whole euro area. It is in this context that we at the ECB have recently called for stronger common governance in this area.