*  *  *  Ladies and Gentlemen, I thank the organizers of this conference for inviting me to be here today. I am especially pleased to be speaking on such an important issue.
But there also has to be a fundamental reason to invest, which comes down chiefly to developments in labour participation and total factor productivity. Here again structural reforms can complement monetary policy by, for instance, reactivating structurally unemployed workers and improving allocative efficiency across firms, thus raising potential growth.