And I  2  BIS central bankers’ speeches  recognise that in doing so, current generations have made considerable sacrifices. Real earnings have fallen by over 20% between 2009 and 2012, undoing the gains made since adopting the euro. Far too many people are currently without work, with unemployment at over 27% and youth unemployment reaching 57%.
For so much potential to be lying idle is a tragedy. What remains to be done Nevertheless, this is the painful cost of reversing the misguided economic policies and lack of reforms in the past. And fiscal sustainability – and hence intergenerational justice – is not yet assured.