It is high time that the growth narrative is shifted from a narrow view of “competitiveness” towards a broader understanding of “productivity”, both within countries and across countries, including through a stronger Single Market. Countries should no longer wait for each other to generate sustainable growth.
The problem has also been compounded on the supply side with banks and others, including retailers, falling over themselves to extend credit, resulting in a number of questionable lending practices. Perhaps the situation is not as bad as in other countries such as Australia, where it was reported a few months back that a woman successfully applied for a credit card for her cat.