It is clear that major structural reforms are not easy to achieve, but there is today a unique opportunity for Europe and the euro area to take advantage of the present favourable growth developments. I have discussed elsewhere some of the key priorities for reform in three main areas 22 and I would like to briefly recall them here.
All of these are aimed at streamlining our manual-intensive processes, thereby enhancing the timeliness and quality of our risk-based decision-making and financial system supervision. The third and final lane refers to Commensurate Regulations.