And both these effects are today more important than in the past as we face a large stock of outstanding debt and an ageing population. Yet, in several euro area countries, potential growth has been gradually waning, even well before the introduction of the euro.
Today, we will also share with you some findings of the key macroeconomic imbalances in BH. We have also chosen two topics that are of special interest to central banks: the harmonization between business and financial cycles, and the determinants of real exchange rates. None is fully dependent on the actions of central banks, but both have an impact on them.