The recovery has also supported employment growth in the euro area. The unemployment rate fell to 9.6% in December, its lowest rate since May 2009. Over four million more Europeans are employed now than was the case three years ago.
It is important to bear in mind that fiscal consolidation in the new Member States becomes increasingly important in the course of the monetary integration process and it is essential for a smooth participation in ERM II and the eventual adoption of the euro. Conclusion Let me conclude.