The second is about the degree of convergence that currently exists among the regional economies, which is seen as a measure of the region’s readiness for monetary union. The first issue - about the complementarity of production structures - is conceptually an important one, in that it has implications for the effectiveness of a common monetary policy.
Let me say a few words about each of these. Structural reform is a broad area with many priorities. But in general, we can say that policy-makers should aim to encourage efficiency and flexibility in their economies. This is particularly true in the financial sector, where it is vital that all countries work to strengthen their financial markets and institutions.