Need for further structural reform These remaining structural rigidities are, in my view, the main reason for Europe’s relatively modest growth performance compared with the most advanced industrialised economies. I should like to discuss some of the key priorities for reform in three main areas, namely (i) getting more people into work; (ii) increasing competition; and (iii) supporting an innovative environment.
But while the public sector can sow the seeds of productivity gains, it is up to the private sector to reap the harvest. And it is time for business to step up and deliver. That means getting on with the job of investing, innovating, developing new markets, and finding new, more efficient ways of organizing and executing production.