In particular, growth has become somewhat unbalanced in recent years, with an unusually high reliance on the construction sector, combined with some deterioration in the economy's export performance. The productivity performance of the economy has also weakened, partly in response to this shift in the pattern of activity.
The second session of today's conference will focus on the wider euro-area economy and on its potential for growth. Unfortunately, developments in recent years point to a rather poor performance on a relative basis, in particular, in comparison with the US economy.