To seize these opportunities, however, requires decisive policy action – among other things, mainly efforts to ensure labour market integration. That means language courses, improving school education, and vocational training. But we should be realistic and not create undue expectations. Experience suggests that integrating refugees into the labour market will take time.
In the end, immigration can alleviate our demographic challenge, but it cannot solve it completely. 3. Bank leverage  As we have seen, the euro-area growth engine can still be tweaked in quite a few ways. But what about reducing rolling resistance by reflating the tyres, for example by turning back the clock on regulatory reforms to allow for more leverage?