Looking back, the project got underway on 1 February 2011, when we committed to working together for 24 months. As we were approaching the end, we saw that we had reached all of our targets and objectives in a very effective and efficient way. We therefore agreed to extend the contract by 11 months and to deepen the work in three areas.
Over the past decade or so, there has been a drive to integrating markets in Europe. The euro area, with its single currency, will increasingly be perceived as one large market. This creates many opportunities for business within the euro area. It also creates challenges as competitive forces increase. These will no doubt intensify after the physical introduction of the euro.