What remains very challenging is growth, which is too low, and it should be Europe’s priority to support it not only in countries with adjustment programmes but also in all other euro area countries. This cannot be achieved through additional public spending but through additional investment.
I hope we have managed this and will not sing the same hymn three times over, but rather perform a “concerto in three movements”. I have selected four key challenges the ECB faces in a medium- to longer-term perspective.