It is disappointing that we could not keep up the 1950s and 1960s performance into the later decades, but nor could other countries. There was a trend slowdown in growth around the world as the period of postwar reconstruction passed into history.
The comprehensive implementation of this policy agenda will contribute to subduing inflationary pressures and thereby support the ECB in accomplishing its tasks. In your draft resolution you also briefly address the potential implications of a “new economy”. Thus, I should like to comment on the possible emergence of a new economy in the euro area.