No doubt, international developments will have an important bearing on the answers to these questions. Recently, the global outlook has softened somewhat and the various indicators that I have just mentioned suggest the labour market also has moved in this direction.
Perhaps strengthening the financial resources of the ESM could provide a way forward in this respect. Research Clusters were only recently set up by the Heads of Research in order to encourage interaction and collaboration between ESCB researchers working on fields of common interest.