However, negotiations will undoubtedly be long and arduous, especially when it comes to minimising risk – which is what the Bundesbank is suggesting – or sharing risk, which is what some other ideas imply. All the reform plans touch upon a key question for Europe: what shape should the EU’s political system take?
Let me also express my compliments to each and every member of our current staff, for so faithfully carrying out the duties entrusted to you. Our economy exhibited growth in the mid-2 percent range last year, below our potential growth rate, and it has not shown any clearly marked recovery this year either.