But our measures are no panacea. We have been removing some roadblocks on the road to recovery, but monetary policy cannot improve productivity and long-term growth. For that, countries must want to change inefficient structures and outdated models.
Let me add that this is not in contradiction to the European social model, but rather the contrary: reform is necessary to sustain the European social model, which had become financially unsustainable in many countries. Should the recent measures not yield the expected results, what are the ECB’s alternatives? Should we expect even more drastic initiatives?