you are completely right when you underline what i have been calling the holistic approach to economic policy
it is a mistake and i think now member states are well aware of it
when we speak about economic policy in europe just to consider the stability and growth pact or just to consider the financial services reform it all comes down to growth
to have sustainable growth we need of course to have sound economic governance in europe we have to respect the stability and growth pact and we need the credibility of sound public finances but we also need new regulatory supervision for the financial market and we need to invest in our potential for growth
this is precisely what eu twenty twenty is about
it is about reform
that is why i am insisting that we need fiscal consolidation and structural reform
and of course we need to pursue the economic policies that are so important for us in europe namely in terms of economic and social cohesion not only for sixteen or seventeen because i hope that estonia will join the euro area very soon but for all the twenty-seven member states
