In my view, the most important levers for achieving this end are policies that boost productivity, that increase the labor force participation of the elderly to compensate for population aging, and that reduce the savings glut in the global north by transfers for productive investments toward the global south.
Mr. Trichet: The Governing Council of the ECB has always been very vocal, very strong in defending the Stability and Growth Pact at a time where some governments were opposing the Pact and wanted to dismantle it. We call for a rigorous implementation of the Stability and Growth Pact by all countries.