BIS Review 20/2005  3  The challenge of economic growth Let me now turn to some issues which still need to be addressed. The Economic and Monetary Union has secured macroeconomic stability, has promoted financial integration and led to convergence of inflation and interest rates to low levels.
The key question that naturally arises is the following: Why has economic growth, nonetheless, remained subdued? In my introduction I have already hinted at my answer by referring to the need for completing structural reforms. Let me now elaborate further on this urgency.