The structural reform agenda is still a long one and I shall come back to it on another occasion. Let me just say here that it is easier to implement reforms when the economic situation is favourable; the present offers an opportunity that must not be missed. The recovery also creates favourable conditions for continued action to consolidate the public finances.
In 2006 these benefited from higher-than-expected revenue, partly due to the good performance of the economy. The temptation to squander this fiscal windfall must be resisted. The public debt, the cumulative result of improvident decisions over a long stretch of time, remains extremely large – the largest in Europe in relation to gross domestic product.