If our hypothesis that restructuring is associated with our four key underperforming industries is correct, the influence of this restructuring on aggregate labor market outcomes would be substantial.
But we also say, as you know, that those countries which have fiscal space, especially if they are facing a slowdown, can do more to raise demand through fiscal policies as well. The inflation target of the ECB hasn’t been reached for a long time. And it won’t be reached for years.