My focus is therefore not on structural change per se but rather on the uncertainty about key parameters likely to be heightened during a period of structural change. However, the key structural change during this episode - an increase in the underlying productivity growth trend - has also set in motion a complex of effects on inflation, interest rates, equity prices, and aggregate demand.
Mencken, an American journalist with German roots, once said, “to every complex problem there is an answer that is simple, clear and wrong". In line with this, I 1/5  BIS central bankers' speeches  will take a closer look at two major issues of the euro area and the European project, namely 1. The quest for a suitable institutional framework, and 2.