Four guiding principles should be heeded in order to ensure a sound economic management of the euro area as a whole: rigorous implementation of the Stability and Growth Pact; the completion of the single market; the implementation of the structural reforms in the Lisbon  6  BIS Review 112/2007  agenda; and the need to monitor carefully at country level the evolution of unit labour costs and competitiveness indicators in general.
We have to consider that the euro has already brought a number of benefits, including price stability, favourable medium and long-term interest rates, and a remarkable degree of resilience in a complex international environment. These achievements make a significant contribution to ensuring sound economic management, but national economies also need to adapt and further liberalise their economies. Thank you for your attention.