I'd like to add three more structural opportunities for growth. For one, the digital sector is an engine for growth. As our experts at the Bundesbank observe in a recent study, the digital sectors have seen increases in labour productivity in Germany over the last 25 years that are many times greater than in other sectors. The ongoing digital transformation is a huge opportunity.
Also for coping with demographics. Aging is a strong headwind for growth. But with good labour market policies, we have the strength to face the demographic headwinds. Labour market policies are my second structural opportunity: Advances are needed to increase labour force participation and the working hours of part-time employees. This holds in particular for women and elderly people.