And that works in the other direction, too, of course – during upturns, investors benefit from the investment opportunities in other states. So there are plenty of ways in which economic growth at the European level can be stimulated by embracing the right reforms.
I do, however, see the risk that the exit negotiations which have now kicked off between the EU and the UK will absorb so much political attention among European decision-makers that little scope will remain for other major projects. Which makes it all the more important for the member states to embrace reform with renewed vigour.