All in all, it appears that the overriding policy concern for Europe is how to simultaneously achieve solid employment and productivity growth. I will therefore now turn to those structural reforms that have the potential to increase both euro area labour productivity growth and labour utilisation, and therefore long-term growth potential.
It is clear that embarking on the path of such major structural reforms is easier said than done, especially in the current environment, where the European economy is facing a number of important challenges, including rapid technological change, ageing populations as well as accelerating globalisation.