We also acknowledge the findings of the IMF Fiscal Monitor that good economic times prevailing before the crisis were not sufficiently used by advanced economies to build sufficient fiscal buffers. It is thus important that euro area countries now make sufficient progress towards their medium-term budgetary objectives.
Regarding structural reforms, important steps have been taken in several euro area Member States, while in others measures still need to be implemented. Product and labour market reforms addressing supply-side bottlenecks, as well as policies aimed at improving the business environment for firms, are crucial to the economic recovery.