We identified that the economies of our countries are clearly complementing each other, and when we -- integrating them, they are a powerful tool to bring productivity and competitiveness up within the whole region.

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"Macroeconomic stability is not yet achieved and a solid basis for sustainable public finances remains to be established... significant restructuring is needed, especially in banking, agriculture and state enterprises, in order to guarantee competitiveness for the economy as a whole, " the EU says.

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They must instill a high-performance mindset while creating a culture whose foundation promotes teamwork and competitiveness for the betterment of a healthier whole.

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Against a background rate of an average inflation rate of two percent for the euro area as a whole, a fast pace of improvement in cost competitiveness for debt-stressed countries would require significant wage cuts.

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"This will have an impact on the competitiveness of our companies, and of our economy as a whole, " he told the conference.

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