It is a vast economy, slightly larger in terms of population than the size of the United States. In order to preserve our high standard of living and employment we have to permanently adapt. Flexibility and creativity are key in a world that is changing extremely rapidly. In your latest introductory statement, you said that the monetary policy remained „accommodative“.
For example, one idea which has been put forward is that the ESM could offer precautionary credit lines for countries that have good policies and stick to the fiscal rules. This would be an insurance against external shocks. Another desirable reform, in my view, would be to strengthen the European Parliament’s scrutiny of euro area crisis management.