In the remainder of my initial remarks I will then outline the key policy elements of such a strategy, both at the national and at the European level. The majority of EMU member states is about to overcome the economic consequences of the global financial crisis. The economic recovery in the euro area has been sustained and has become more broadly based.
The economy no longer needs the degree of economic or monetary stimulus as adopted during the height of the crisis in late 2008 and early 2009. Economic growth in the first quarter of 2011 has turned out significantly stronger than expected. Germany, in particular, is experiencing high growth rates, falling unemployment and a declining government deficit.