Although we cannot know the precise directions in which these changes will take us, we can reasonably expect that the pace of technological developments and competitive pressures will increase. As in the past, our economic institutions and our workforce will strive to adjust.
I consciously refrain from calling the current debt crisis “European” since the strong accumulation of public debt is far from being a purely European problem – however, being in Brussels, I will, of course, conclude with some remarks on the necessary measures in the euro area. 2. The economy in 2010 and 2011  Economically the year 2010 brought a turn for the better.