In other words, I am not convinced by the argument that, in terms of structural reforms, there is an opposition between rules and ownership. On the contrary, they can be mutually reinforcing. Conclusion In conclusion, there is a strong case for us to apply the same principles to the governance of structural reforms as we do to fiscal governance.
The essential cohesion of the Union depends on it. With the benefit of hindsight, it would have been useful to establish, alongside the existing convergence criteria, a set of structural criteria that had to be met to enter the euro area, and then respected once inside. But we have to start from where we are.