It is of the utmost importance that the implementation of structural reforms be speeded up, notably in labour and product markets, where the responsibility lies with governments, parliaments and social partners. This would, over longer horizons, significantly improve the euro area’s growth potential and increase the economic welfare of all its citizens. It would also enhance the confidence of economic agents over shorter horizons.
In this context, I should like to stress that today's signing of the TACIS "Central Bank Training" contract and of the related tripartite Protocol mark a crucial step in the co-operation between our institutions, which I very much welcome.