For one thing, structural change amplifies the identification problem. It is difficult to ascertain whether the dynamic force that we see appearing on the screen is going to be reversed and eventually vanish, or will become ingrained in the underlying economic mechanism for many years to come.
By strong and comprehensive I mean an agreement that produces growth, that has social fairness, but that is also fiscally sustainable, ensures competitiveness, and addresses the remaining sources of financial instability. I can assure you that the ECB is doing all it can to facilitate a successful outcome.