Only if these reforms are implemented swiftly can we cope with population ageing, maintaining sustainable fiscal positions, a reasonable tax burden and sustained growth. Conclusions Let me conclude by stressing that the euro has been firmly and credibly established as a stable currency.
The euro has brought a period of currency stability, low rates of inflation, low levels of medium- and long-term market interest rates, and higher economic integration via enhanced trade and financial interdependence. I hope, however, that I have not communicated a sense of complacency over past achievements.