Finally, structural reforms are essential to increase the euro area’s growth potential and enhance its ability to better withstand external shocks. Indeed, such reforms, which should aim to reduce rigidities in labour and goods markets, could significantly strengthen the degree of resilience of economic activity to such shocks, both in the euro area as a whole and in its regions.
Indeed, the financial literacy initiative constitutes a transmission channel for the expanded participation in the mainstream financial system. I am therefore gratified that this initiative has kicked-off at the time when we are preparing for the launch of the Financial Sector Strategy.