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The real challenge which Europe has faced has therefore been to deliver short-term stability while at the same time developing a vision of Europe for the future, a Europe which delivers sustainable growth and employment and defends our values and our social model. Moreover, we must do all of this in a rapidly changing world. We are on the path to achieving this. But it remains a rocky path.
Why do we need a more united and integrated Europe? Because we have monetary union, but the crisis has demonstrated that there is a cumulative logic to the integration process: monetary union cannot function without a financial and banking union, and without further fiscal and economic union. The last European Council endorsed a paper prepared by the President of the European Council in collaboration with myself, the President of the European Central Bank and the President of the Eurogroup, examining how best to move along this path.
The need to restructure is not limited to our Member States. At the European Union level we also need to work and reform. First and foremost this applies to the internal market, the world's largest single market and the source of much of Europe competitiveness, growth and prosperity.
Nowhere illustrates the importance of the internal market better than in Austria. In terms of its trade, Austria is among the most open of our economies, almost twice as open to the internal market as the European average. Austria and its citizens have benefited enormously from this. For example, following the last enlargement, exports to the new Member States more than doubled and will increase national income by 0.2 per cent every year for the next decade. Moreover, since its accession Austria has received over €50 billion in foreign direct investment, investment which has helped Austria reach 12th place in the World Economic Forum's innovation ranking.