Or we could see our interest bill claim even more of our scarce resources. But we haven’t locked in that path yet. We are suffering the consequences of past mistakes, but we still have time to make better decisions. It’s crucial we use this time wisely. In economic terms, our problems can be addressed.
This underscores once again that competitiveness creates jobs. The need to strengthen the institutional architecture of EMU Let me turn to the third key element in our collective efforts to strengthen the euro area – and that is to build a stronger architecture for EMU. There are several areas in which we can make progress, as we outlined in last year’s “Four Presidents’ Report”.