This would increase shock absorption, improve resource allocation, remedy the current heterogeneities, harmonise the transmission of monetary policies, and boost growth potential, thus enhancing the resilience of the euro area as a whole. This implies a need for deep changes in our societies.
Allow me to point out that over the last few years the ECB has not only been a guardian of stability and among the most interested observers of the various deficit and imbalances procedures, but we have also raised awareness of the need for profound transformations in our political economy and in our societies. We have been advocates of change.