In this context, one should keep in mind that already before the crisis the level of unemployment was too high and the growth of potential output too low. One of the most important economic challenges, next to a greater economic convergence, is an increase in potential growth with an increase in productivity; this should also be seen against the background of demographic challenges.
I have elaborated on this point in a speech I recently gave at the EurofiFinancial Forum. Second, while having to stay fully compliant with the EU fiscal rules of the Stability and Growth Pact, fiscal policy can also contribute to supporting the economic recovery, particularly through growth-enhancing public investments, material and immaterial, which have a demand and a supply effect.