And this in turn would be the most effective antidote to the widespread sense of being fundamentally threatened by globalisation and technological progress. Fortunately, many of the measures that foster growth also make the economy more resilient.
And more resilience is needed, because long recessions can reduce potential growth.12 But more can be done to bolster resilience, for instance, by shoring up the shock-absorbing capacity of public finances. With regard to the euro area, this implies stronger fiscal discipline and compliance with the fiscal rules of the Stability and Growth Pact. 4.