Between 2000 and 2013 productivity 2 in the euro area grew cumulatively by 9.5%, by barely 1.3% in Italy and by 26.1% in the US. Total factor productivity 3, which assesses the efficiency of the use of inputs to productive processes, has only grown by 1.1% in the euro area.
It is reflecting on finding more transparent, simple, fair and democratically accountable ways to finance the EU. And we are approaching the second stage of the “Five Presidents’ report” with the aim of completing the architecture of Economic and Monetary Union. As a central banker, I will focus on the state of economic governance in Europe.