##s occurring, and therefore contributes significantly to favourable financing conditions for the private sector. at the same time, it allows an appropriate medium - term orientation of fiscal policy which fosters confidence and thereby growth. in order to fully reap the benefits of this framework, it is important that countries respect its objectives and implement appropriate consolidation plans where needed. hence, the commitments made in the stability programmes and the requests to further improve fiscal positions, as subsequently agreed in the ecofin council, must be met in full. these benefits would be magnified if the underlying policy measures were part of a comprehensive reform strategy to support economic growth. it is, in fact, the implementation of structural reforms at the micro level that ultimately raises the production potential, improves flexibility in the economy and makes the euro area more resilient to external shocks. clearly, lack of progress in structural reform is one of the key factors currently hampering a recovery in confidence. therefore, the governing council welcomes a recent communication by the commission on the implementation of the broad economic policy guidelines. it emphasises the need to step up the pace of labour market reform to achieve the lisbon objectives, to fully implement the internal market and to enhance competition in product markets as well as to foster capital market integration, entrepreneurship, a knowledge - based economy, and research and development. we fully share the commission ’ s assessment that policy inertia and backtracking are widespread. against this background, renewed momentum in the process of structural reform will be crucial to foster confidence among consumers and investors.

well in the past when it comes to developing payment solutions covering the entire euro area – such as the single euro payments area ( sepa ) project, which allows european consumers, businesses and public authorities to make and receive payments under the same conditions. 14 we believe that a digital euro scheme – that is, a single set of rules, practices and standards – is best suited to achieve our objectives. 15 a digital euro scheme would provide a common framework for euro area intermediaries to develop products and services built on a digital euro. it would establish a set of common operational rules and technical standards that intermediaries would need to follow in order to provide digital euro solutions to end users. 16 and it would help create a specific brand so that, should the digital euro be introduced, people and businesses would know that they are paying with it. 3 / 7 bis - central bankers'speeches thanks to that recognisable brand, a digital euro scheme would strengthen the role of the digital euro as a monetary anchor alongside cash. and thanks to the benefits in terms of standardisation and interoperability, the scheme would also support our strategic autonomy and economic efficiency. 17 a digital euro scheme would respond to the different interests of different market participants – individuals, merchants, businesses and intermediaries. for individuals, it would mean that they have the same experience when making a payment no matter where they are in the euro area. they would be able to use digital euro in different settings, whether they are having dinner in a restaurant, buying something online or transferring money to a friend. for merchants and businesses, meeting customer demand is key. 18 a digital euro scheme would provide a single standard, making it easier to respond to customers'preferences for a simple payment solution. standardisation would also reduce adjustment costs and facilitate integration with merchants'back - end systems. and for intermediaries, the scheme would enable them to distribute the digital euro and to build on it to develop further innovative solutions for their customers. it would offer the standardisation and harmonisation needed to foster market innovation across the entire euro area. in this context, we will soon start work on a rulebook for the digital euro scheme. putting in place a set of rules from an early stage is crucial for the market to be able to develop digital euro solutions and be ready if and when a digital euro is introduced. we will work together with different stakeholders – intermediaries, consumers and retailers – so that they can contribute their views and expertise