Some tentative signs of reversal of the divergence experienced during the euro area crisis are visible since 2014. But more needs to be done, along the lines sketched in the Five Presidents Report and the Commission paper already mentioned. Also crucial in this regard will be the enhancement of countries’ economic structures through improved institutions and governance. Let me conclude.
At this year’s Economics Conference, we will discuss in more detail whether these pessimistic outlooks are justified – or whether “this interpretation is widely mistaken,” as Keynes concluded almost a century ago. 1 Ladies and gentlemen, Economic growth is a spectacular phenomenon.