Conclusion Ladies and gentlemen The euro area’s economy has made it through the rain and is now under relative sunny skies. Yet clouds still hover over the less-than-complete recovery – a lot remains to be done. The Germany economy, on the other hand, has been in the sun for quite some time now, and even the short term outlook is quite promising.
Yet, serious medium-term risks loom. A vital euro area requires more reform: The monetary union must be reformed – but it is not a matter of simply more – or less – European integration. Instead we need problem-oriented reforms of its institutional design. Moreover, member states must embrace reform.