We expect business investment to pick up, which will lead to labour productivity growth that is a little higher than it was before the crisis. However, it will only be about two-thirds of its peak of around 2 per cent in the late 1990s. A similar decline is also expected to occur in the United States and the euro area.
These are important steps in the right direction. With regard to structural reforms, these are key to increasing the adjustment capacity and competitiveness of euro area countries, thereby strengthening growth prospects and job creation.