In such situations, it falls to the government to intervene. For instance, a tax puts a price on the consequences of our actions and creates an incentive for us to change our behaviour.
The European Central Bank backs the Governments of Europe that are embarking courageously on those structural reforms. We do not underestimate the difficulties of the task and the necessity to explain tirelessly that the people of Europe will be better off thanks to these reforms. I thank you for your attention. 4  BIS Review 94/2006