First, we must avoid in the future, as much as possible, the immense cost in terms of long-term economic growth of such a financial crisis. And second, if we had again, by misfortune, to cope with the same acute challenge, I am convinced that this time we would not obtain from our political democracies the same gigantic effort. Then a depression would be unavoidable.
The potential growth of the euro area has been lower than that of the United States over the past decade, but the relative economic growth prospects seem more favourable as a result of the positive impact of reforms in Europe that have positively and significantly affected employment growth, and the rate of labour utilisation and, to a lesser extent, productivity growth.