In noting this, we should, moreover, not overlook the fact that since the late 1990s the euro area experienced a steady decline of potential output growth: from about 2% in 2000, it declined continuously to about 1.5% before the crisis. There is indeed a problem in long-term growth dynamics. This problem is not new but has deepened over time.
With this in mind, let us consider very briefly fiscal and monetary policy before focusing later on structural reforms. Starting with fiscal policy, it should support the economic recovery, particularly through growth-enhancing public investment, material and immaterial, while remaining fully compliant with the Stability and Growth Pact.