In this respect, in December 2000 in the context of its regular review of the reference value for M3, the Governing Council of the ECB, while acknowledging that progress had been made in the euro area in the field of structural reforms, noted that it was difficult to find clear evidence of signs of lasting increases in trend productivity growth in the euro area.
This would amount to 22 per cent of 2005 GDP, with an average annual flow of about half a percentage point of GDP for the next decade, and one percentage point in the 2020s and 2030s. All this clearly points to a need for better and more timely projections.