Countries benefit most from a shared currency and a common monetary policy when their economic trends move in similar directions. This is why it is important that every Member State in the euro area works to stay productive. A general slowdown in productivity has taken place in euro area Member States. This represents a key challenge, as productivity is key for competitiveness, jobs and growth. Required are policies such as those supporting innovation, increasing skills, reducing rigidities in labour and product markets and allowing a better allocation of resources. In response to the Commission's proposals to implement the Five Presidents' Report on completing Europe's Economic and Monetary Union (EMU), the Council has now recommended to euro area Member States to establish or identify National Productivity Boards. Non-euro area Member States are encouraged to do the same.
Related page: A Deeper and Fairer Economic and Monetary Union