I always mention the fact of the need to move from a rules-based national fiscal policy to an institution-based fiscal capacity. We have countries that have fiscal space and don’t use it. Even if they were to do something, what would be useful to the rest of the euro area would only be the spill-overs.
Hence, the probability of continued high corporate growth in terms of output is made more likely by the availability of high retained earnings, burgeoning valuations, and continued productivity growth.