Empirical estimates of potential output growth - by construction typically move somewhat over the economic cycle and this should not be confused with changes in the sustainable rate of growth. With the benefit of hindsight we were right to have been relatively cautious when the new economy paradigm was discussed at the time.
Instead we advocated the idea that whatever the benefits of ICT, they would be best reaped over time by making clear progress in the removal of structural rigidities. Given that demographics in the euro area are less dynamic than in other economies, including the US, we need even more improvements in terms of higher productivity growth, rising labour force participation and declining structural unemployment.