Press Release: Crisis highlights urgent need for deeper and broader macroeconomic coordination and surveillance in euro area

The euro acted as a crucial shield against the shock waves inflicted by the worst economic and financial crisis in post-war history. But the crisis also showed the importance to address competitiveness divergences as a matter of common interest and without further delay. Ensuring an efficient internal adjustment that puts the euro area on a sustained and balanced growth path and restores the long-term sustainability of its public finances is the way pointed by the 2009 Annual Statement on the Euro Area.

ESO: Background information: European Commission: DG Economic and Financial Affairs: Towards EMU@10 http://www.europeansources.info/record/towards-emu10/

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