That forms a distinct contrast to the United States, which is in the enviable position of being able to think about what it can do with its budget surpluses. In the process, it is reaping the fruits of an investment-friendly tax system and of vigorously pursued longer-term reforms.
In a number of euro countries, on the other hand, investment-friendly tax systems and resolute reforms of the labour market and social security systems remain obligations that policy makers urgently need to fulfil.