I am pleased to observe that some countries in the euro area have already realised that the only solution to addressing the current economic slowdown lies in structural reforms to strengthen the functioning of the economy. I warmly welcome the efforts of the governments of these countries and sincerely hope that others will follow their example. Second, as I have sketched out in my remarks to you today, while the need for structural reforms is pressing in the euro area, in all other regions of the world - albeit to different extents and to address somewhat different problems - there are benefits of structural reform to be won. Thank you very much for your attention. 4  BIS Review 39/2003
However, I do not see this as a matter of balancing – expansion can only take place while maintaining stability. The Maastricht criteria will not change and this is in the interest of both the euro area as a whole and the individual candidate countries. Let me only add that 2009 January did not only see the 10th anniversary of the euro, but also the joining of the 16th member state, namely Slovakia, to the euro zone. If you consider that we started with 11 countries in 1999, this certainly demonstrates that the euro area is open to newcomers. BIS Review 18/2009  1  China Finance: How effective is monetary easing measures by the ECB in mitigating the economic recession in Europe? Do you see more room to maneuver in case the economic prospects continue to get worse? Trichet: First, let me remind you that we have, in all circumstances, to deliver price stability in line with our definition “less than, but close to, 2%”. Secondly, the present unlimited provision of liquidity at a fixed rate and with a one-week, one-month, three-month and sixmonth duration can certainly be described as a non standard measure. The extension of eligibility in our collateral framework is also another non standard measure, particularly as it was already very broad and flexible. In particular, as a result of these decisions we have also expanded our balance sheet on a scale that would have been unthinkable before the crisis: around 55% in the last 12 months.