As regards monetary policy, Europe can count on the European Central Bank and the Eurosystem to be faithful to its primary mandate and to deliver price stability to our 318 million fellow citizens. This is a prerequisite for sustainable growth and job creation.
As regards the other elements of policy that do not depend on the central bank, let me stress the three areas where sound policies are absolutely of the essence: sound fiscal policies, fully in line with the Stability and Growth Pact; structural reform policies, fully in line with the Lisbon program and the achievement of the Single Market; and appropriate monitoring of the relative cost competitiveness indicators in the euro area.