And it might induce governments to postpone necessary structural reforms and the consolidation of public finances. In my view, this could be the biggest threat to the recovery process. The improved outlook together with low interest rates could lead to complacency and reform fatigue. We cannot let this happen.
We cannot let it happen because there is still a lot to do to put the euro area back on a solid footing. Reform at the national level must continue and, looking to the future, reform at the European level is equally important. BIS central bankers’ speeches  3  5. How do we get to the end of the tunnel?