Disentangling this web of mutually reinforcing risk factors is the number one challenge that we, as economic policy-makers, are facing. As I will show, the ECB has played an important role in confronting this challenge.
As per the UNDP’s Human Development Index (HDI) 2011, we rank 134 out of 187 countries, clearly in the bottom third of the league of nations. Even as education and health outcomes have improved over the years, on many indicators such as life expectancy at birth, educational attainment and nutrition levels, we rank well below average. 37.