Second, the urgent need for reform of the global financial architecture should not distract from the need for further progress with labor and product market reform in the euro area.
Yes, I’ve seen it. But take Macron: he’s been able to build a movement because there was a window of opportunity to go for reforms. But that has nothing to do with the interest rate. In France the public voted for Macron because they want changes, but we have yet to see which ones will actually get through.