It is encouraging to see that past reforms have contributed to job creation and reduced unemployment. It is important that governments continue in this direction and do not reverse past reforms just at the point when they are starting to bear fruit. Thank you very much for your attention.
10  See, for an extensive discussion of adjustment mechanisms, “The EU economy 2006 review: adjustment dynamics in the euro area – experiences and challenges”, European Commission, 2006 and F. P. Mongelli and J. L. Vega, “What effects is EMU having on the euro area and its member countries? An overview”, ECB Working Paper No. 599, 2006.