While they may not have an immediate large quantitative impact on external positions, we expect that they will contribute significantly over time and that they will have a greater effect if concentrated in the services sector. More generally, reforms that would increase the flexibility of the euro area economy would help support higher sustainable growth and enhance the economy’s resilience to external shocks.
This is the “homework” that we have to do in the euro area, as reaffirmed in the most recent G7 Communiqué. And we are committed to facing up to these challenges so that the euro area can become a key contributor to a more balanced pattern of global growth.