It has, indeed, been disappointing to see that the momentum for implementing these policy recommendations has weakened in the euro area.
The Commission has concluded that the overwhelming majority – more than 90% – of last year's reform recommendations have been followed by only ‘some’ or ‘limited’ progress in implementation, while just one (of almost 80) of them has been substantially implemented.11 Why is this worrying? Because the good times of solid growth and expansionary monetary policy are not going to last forever.