70% of the EU’s GDP comes from services, but only 20% of services are provided on a cross-border basis. Labour market reforms could be inspired by the Agenda 2010 programme in Germany. In particular, labour mobility needs to be increased in the euro area (the theory says, we remember, that an optimal currency area requires full mobility of labour).
Mobility could be increased through broader recognition of qualifications within Europe, greater portability of pension rights, language courses and a European network of job centres. The reforms could be financed with loans from the European Investment Bank (EIB) or EIB project bonds (which are not the same as Eurobonds). The prerequisite for this, however, is useful projects.