Changes in competitiveness are unfolding faster than was foreseen prior to the launch of the euro, which is good in some respect because it means that necessary adjustments in relative competitiveness can be more rapid. But it also suggests that a lucid monitoring of competitive indicators is of the essence to avoid possible rapid losses of relative competitiveness inside the euro area. 4.
There is thus a clear need for sound economic management in EMU  The future of the euro area will rely as much on consolidating its achievement as in meeting some future challenges.