From now on, we should refer to the G4, instead of G3. We live in a quadrupolar world, made up of the United States, Europe, Japan and China. Europe is lagging behind the United States and Asia. More growth in Europe would be desirable, also from a global perspective. It would increase the United States ’ export potential.
What is especially required is a stronger European drive in the structural field. The EU enlargement in Central and Eastern Europe will provide an impulse in the short term. This is the only part of Europe that does share in the global growth acceleration. Furthermore, we should hope that the growth spurt seen in the nineties in the United States will spread to Europe.