The impetus from determined structural reforms in capital, labour and product markets would set in motion a virtuous circle of increasing confidence: the more credible the reforms are, the more confidence they will create, and the more confidence is created, the sooner positive results will be visible.
So, I would like to give you some examples of where I think further progress with structural reform is needed in Europe, to enhance job creation, growth and economic resilience. One of the most difficult and persistent challenges facing Europe is to reduce structural unemployment and elevate the level of activity rate.