There are "encouraging signs" that Greece can meet the fiscal targets for next year, European Central Bank Executive Board member Jorg Asmussen said on Friday. The Greek authorities should demonstrate that they can continue to stick to their commitments, the policymaker said during a speech at the 2012 Annual Meetings of the IMF and World Bank Group in Tokyo. "We are seeing encouraging signs that the fiscal targets for next year can be met. This is the best way out of its crisis: for Greece to reform within the euro area," he added. A lot has been done by the Greek authorities in last two years. The primary deficit has been reduced by more than 8 percentage points from end-2009 to end-2011. Labor market reforms are beginning to show positive results, Asmussen said, adding that still, a lot remains to be done. He said to fully restore confidence in the euro area, authorities need to fix the flaws in its institutional architecture. The euro area is drawing up a roadmap to complete EMU based on four key pillars such as financial market union, fiscal union, economic union and political union. Asmussen said the ECB's recent bond-purchase program, the Outright Monetary Transactions, should play a supportive role in changing perceptions about debt sustainability. He said there is an urgent need to improve euro area growth rates, which are projected to remain low for a number of years. This can be done by unlocking the rigidities that still exist in euro area product and labor markets, the policymaker added.