It is too early to claim “mission accomplished”. People in the euro area are still suffering from the inevitable adjustment process following years of accumulated imbalances. Unemployment remains unacceptably high. Citizens are judging Europe on its capacity to deliver jobs and sustainable growth. The years to come are about creating a more perfect union that caters to these objectives.
I believe that there are two main types of challenges that need to be addressed. The first challenge concerns macroeconomic policies. Clearly, the short-term effectiveness of these policies will depend on their medium-term credibility. As I have emphasized, to retain their credibility, exit strategies will be needed to convert fiscal and monetary policies from extraordinary short-term support to sustainable medium-term frameworks.