ECB Monthly Bulletin - May 2011

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The May edition of the European Central Bank's Monthly Bulletin, released on Thursday has stressed the importance of structural reform for the euro area.

"It is of the utmost importance that substantial and far-reaching structural reforms be implemented urgently in the euro area in order to strengthen its growth potential, competitiveness and flexibility," the bulletin said.

"In particular, countries that have high fiscal and external deficits or which are suffering from a loss of

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