More flexibility in the product and labour markets is essential for that, particularly as the euro introduces more transparency, and therefore more competition, for all parties involved - not just in business but also in politics.
Solving persistent structural problems in the public-sector budgets and the social systems, or reducing structural unemployment, are tasks where monetary policy cannot do the work of other policy areas. In this respect, fiscal policy bears a particular responsibility in the participating countries. Compliance with the Stability and Growth Pact is important - and not just for safeguarding the enduring stability of the euro.