European voters have given policy-makers a mandate to continue with their reform agenda and "find ways to make the eurozone grow sustainably", according to Yves Mersch – but they may not give them another one.

Mersch, a European Central Bank executive board member, told an audience in Luxembourg on Saturday that policy-makers might be down to their last chance to find the right mixture of rules, institutions and instruments to build a "well-functioning" single market.

To Mersch, this means