3  2  “Structural reforms, inflation and monetary policy”, Introductory speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking Sintra, 22 May 2015. BIS central bankers’ speeches  The ugly argument can be considered as a problem of collective action and rent-seeking. Structural reforms touch vested interests.
They include high industrial-capacity utilization; a record-high labour force participation rate; a record-high employment-to-population ratio; corporate profits at their highest level since early 2001; and trend inflation that is running above target.