start in any case not later than the economic recovery. in 2011 the consolidation efforts should be stepped up. to correct the envisaged large fiscal imbalances of euro area countries, structural consolidation efforts will need to exceed significantly the benchmark of 0. 5 % of gdp per annum set in the stability and growth pact. in countries with high deficits and / or debt ratios the annual structural adjustment should reach at least 1 % of gdp. turning to structural policies, there is a need to intensify efforts to support potential growth in the euro area. given the negative impact of the financial crisis on employment, investment and the capital stock, it is crucial to accelerate the implementation of necessary structural reforms. in particular, product market reforms are required to foster competition and speed up restructuring and productivity growth. furthermore, labour market reforms need to facilitate appropriate wage - setting and labour mobility across sectors and regions. at the same time, many of the policy measures taken in recent months with a view to supporting specific segments of the economy should be phased out in a timely manner. it is crucial that the focus is now on strengthening the adjustment capacity and flexibility of the euro area economy in line with the principle of an open market economy and free competition. we are now at your disposal for questions.

minimum common denominator. certainly, this would not be sufficient to win back the confidence of public and private players in securitization. i therefore invite the industry to continue and to strengthen its efforts in this vital area of work. vi. concluding remarks let me conclude by saying that, if managed in good order, securitisation should be a welfareimproving tool, because value is created by secured funding that is correctly structured and allows to adequately distribute financing and funding, and the related risks among households, enterprises, banks and investors. when it works properly, securitisation may represent a significant step towards more complete credit markets, thereby contributing to enhancing the efficiency of the economic system. the revival of securitisation markets is needed in many countries to support the provision of credit to the real economy, particularly to households and small business. while it is essential to define new market standards in terms of simplicity and transparency, more actions may be needed to re - start the securitisation market. there does not seem to be one single and simple solution that can unlock the securitisation market. this is natural since structured finance is a combination of manifold features such as different asset types, a variety of interest rate products with diverse maturity profiles and structures, and a variety of legal regimes and market arrangements. thus, restoring the securitisation markets requires a combination of initiatives, both from the private and the public sector. the eurosystem is contributing, first of all, by accepting structured finance assets as collateral. this proved and still proves a great support to this market segment during the crisis, as it helped and continues to help to avoid a sudden and disruptive unavailability of funding to originators of abs. second, as mentioned earlier, by introducing a loan level data requirement to our set of eligibility criteria, we may contribute to increasing the disclosure standards for the market at large. however, more needs to be done, as many of those required steps, for example enhancing secondary market liquidity, go beyond the scope for direct action by the eurosystem. looking ahead, a self - sustained revival of the abs market requires fundamental changes. it is high time to raise to the challenges of transparency, standardisation and product simplicity. this is where the industry has to step up its efforts in order to help decisively in restoring confidence in the securitisation markets. thank you for your attention.