The new framework significantly improves the environmental footprint of our financial investments: the new shareholdings portfolio is characterized by lower greenhouse gas emissions (a reduction of 23 per cent), and lower energy and water consumption (by 30 and 17 per cent respectively).
Apart from fiscal policy, further structural reform is another improtant ingredient for the success of EMU, especially in the longer term. Structural reform is needed both for its indirect effects on monetary policy via the budget, and for its direct effects on the international competitiveness of the euro area.