And we see no reason why we would not have a total factor productivity which would be substantially higher, and why we couldn’t go back, after all, to the levels of the early labour productivity progress that we observed in the 15 years before 1995, 1996 and that the US economy is observing since 1996 as an average. So I fully agree with you.
Yet in my role as a member of the ECB's Executive Board and Vice-Chair of the Supervisory Board, I am part of an institution that is not taking the Glasgow Declaration lightly.