This growth slowdown can either take the form of a gradual tectonic shift, as high levels of debt weigh on new investment. Or it can take the form of an explosive eruption, as we have witnessed during the global financial crisis.
I am grateful to Stefan Gebauer, Thomas McGregor, Niccolò Battistini, Alina Bobasu, Lorenzo Burlon, Evangelos Charalampakis, Virginia Di Nino, Johannes Gareis, Max Lampe, Valerie Jarvis, Antoine Kornprobst, Thomas Kostka, Falk Mazelis, Caterina Mendicino, Georg Müller, Alberto Musso, Pedro Neves, Giulio Nicoletti, Annukka Ristiniemi, Arthur Saint-Guilhem, Elisa Saporito, Grigor Stoevsky and Sofia Velasco for their contributions to this speech. 2.