European economic structures are improving. On 1 January 1993, Europe created a single market. Only six years later, the common monetary policy was put in place. Budgetary discipline has improved considerably over these years. More recently, Europe has abolished most barriers to competition in the telecommunication and energy sector.
Reforms are under way on a broad front.
For example, at the Stockholm summit of EU heads of government last month, new steps were announced to make Europe more competitive and knowledge-based. Several initiatives relate to removing obstacles to the mobility of workers between European countries. The most practical step forward was the agreement on proposals prepared under the chairmanship of Alexandre Lamfalussy aimed at taking away the last hurdles to a fully integrated European capital market. Subject to the energetic implementation of structural reforms, especially those in the field of labor markets and social security, Europe will be able to benefit more from new technologies, and trend economic growth will increase. Many countries in Europe show encouraging signs that progress on structural issues is under way.