These are encouraging developments, which show that the structural reforms and the degree of wage moderation necessitated by the new economic environment have helped to overcome some of the constraints on growth stemming, in particular, from still rigid and over-regulated markets in a number of economies. The euro is also supporting the deepening of trade and financial linkages across euro area countries.
As we go along, there is a need to be abreast of the global developments and at the same time integrate it into our own unique socio-economic circumstances.