Another important feature of the euro area economy is its significant ongoing structural adjustment as a result of the completion of the internal market, including the increasing integration of financial markets, and the implementation of reforms in most Member States aimed at strengthening competition, increasing market flexibility and efficiency, and raising labour utilisation.
Imbalances have emerged also within countries, generating excessive growth in some sectors, such as finance and housing, and large financial flows, especially household debt. In the US all these imbalances have developed at the same time.