During the last years, observers have had a tendency to underestimate the level of restructuring and reshaping of the private sector in all the economies in Europe. That was not yet showing up in terms of macro figures, and I often told colleagues here and there in various European or international fora, don’t be misled.
Remember the US in the second part of the eighties – the macro figures were not necessarily flattering, but a lot of good work was being done in terms of reshaping and restructuring the private sector. And this is something which is happening in Europe in the present period, much more than you suspect. So don’t take it that nothing is being done.