However, more recently, most countries have started to grow again, though weakly, and to put their fiscal positions in order and to undertake structural reforms. And, as a result, debt levels are falling for the first time. But, this takes time. Moreover, progress on the important structural reforms – more flexible labour markets, less bureaucracy, lower taxes – is clearly too slow.
Can you be more specific, Mr President? Which countries in the euro area need to do more? Draghi: All of them. Including Germany? I said all of them, some more than others. I welcome the German government’s announcement of additional public investment in infrastructure. Every country has its own agenda. Those governments that have already implemented reforms are now reaping the benefits.