This structure would have been unimaginable only five or six years ago: yet it might not suffice unless it is accompanied by national reforms and new social contracts that in some cases have been postponed for decades. The new euro area framework is being rebuilt to be viable and to last. 8  BIS central bankers’ speeches
But it is empirically well-documented that solid public finances and low debt levels are important factors to support sustainable long-term growth. The sad fortune of the Lisbon agenda is another point in case. Finally: The controversy about the European service directive illustrates most visibly an ongoing lack to implement decisive structural reforms.