F.  QQE and strategies to raise the growth potential  With monetary policy having its intended effects and the output gap improving, firms have gradually started to face supply constraints such as shortages in labor and capital stock that had not surfaced under deflation.
Whether it is managing the exit from unconventional monetary policies, addressing structural challenges, completing the  3  According to European Commission estimates. 4  CEPS “The Global Economy in 2030: Trends and Strategies for Europe”, April 2014.