This would put upward pressure on prices, speeding up the path towards normalisation. 5  OECD: “Structural reforms in Europe: achievements and homework.” April 2015. 6  See Der Spiegel, 21 July 2014. BIS central bankers’ speeches  5  It is crucial to note again that this is about macroeconomic policy and not about microeconomic efficiency.
It is definitely not about asking our economies to compromise productivity and competitiveness. It is about fostering a broader use in the present of what a productive economy can sustain. The problem is that there is no common European fiscal policy, which is also not foreseen in the Treaty.