The prospect that relative income levels in Europe, without further action, will remain unacceptably large for the foreseeable future is therefore a warning sign. It should urge policymakers to think in new ways about how convergence can be accelerated, and what role Europe itself should play in this process.
Mr Draghi: That’s where the difference lies, the difference in purposes. One is debt management, the other one is debt concealment. That concealment is a very bad thing. If Greece had made a mess of their budget but not lied about the numbers, it would be much easier for them and for all of us.