At the same time, differences in price competitiveness and in unit labour costs across the euro area economies need to be closely monitored, as they may imply major adjustments in the countries concerned in the years ahead. 4. Europe in a global context  Economic integration and smooth adjustment processes are clear prerequisites for the efficient functioning of the European Union.
To be sure, the record on private equity investment by banks is one of substantial year-to-year variation in return, just as one might expect with any portfolio of risky assets.