In particular, fiscal policy has to shoulder a greater share of the burden of macroeconomic stabilisation by providing better support to investment and by achieving a growth friendlier composition. Equilibrium interest rates have to rise from their current low levels through structural reforms improving the efficiency of our economies.
Other actions are needed to ensure euro area resilience over the medium term, and may take some time to have their effects. This includes steps to complete banking union, complement it with a capital market union and address in a credible way the bank-sovereign nexus.