In the euro area, survey expectations for long-term economic growth have moved down from 2.2% in April 2003 to 1.4% in the latest estimates (see chart below on Growth expectations).
BIS central bankers’ speeches  5  This decline in economic growth in advanced economies has led some scholars to bring back the concept of secular stagnation which was first introduced by Alvin Hansen in 1938 to portray the decline in U.S. economic growth he envisaged on account of the decline in innovation, population growth and investment opportunities.