Remember the US in the second part of the eighties – the macro figures were not necessarily flattering, but a lot of good work was being done in terms of reshaping and restructuring the private sector. And this is something which is happening in Europe in the present period, much more than you suspect. So don’t take it that nothing is being done.
It’s, of course, much truer in the private sector than in the public sector. FT: Are we underestimating potential growth right now, do you think? JCT: No. Well, on this particular point, which is very important, I would stick myself to the previous range that we had – 2 to 2.5 per cent would be the growth potential of the euro area.