Note: The fiscal stance is approximated by a change in the ratio to GDP of the cyclically adjusted government balance. Chart 16 Contributions to euro area real GDP growth (annual GDP growth in percentages; contributions in percentage points)  Source: ECB staff calculations based on Eurostat data. Notes: Real GDP growth and demand components in 2019 are from December 2019 Eurosystem staff macroeconomic projections.
In closing, I wish you an insightful and productive deliberation and trust that the Seminar will leave you with additional insights to tackle the challenges that lie ahead in this field. Thank you for your attention. 3