In some euro area countries, this phenomenon is driving youth unemployment to levels that threaten the very fabric of society. Since the crisis started, there has been important progress in labour market reforms and fiscal consolidation in euro area countries, particularly those under an EU/IMF programme. And the painful measures taken are starting to bear fruit.
Importantly, bundled sales of financial products and services are prohibited. These measures will potentially foster a more competitive, consumer-friendly and healthy banking system. Along with other reforms, they may contribute to higher potential economic growth.