I will therefore now turn to structural reforms that have the potential to increase both euro area labour productivity growth and labour utilisation, and therefore also the long-run growth potential of the economy.
As you are aware under the Mortgage Arrears Resolution Targets imposed by the Central Bank last year the banks are required to meet quarterly targets on the resolution of mortgage arrears. To date we have received returns from the banks for three quarters and we reported the outcomes of our first assessment in November.