And let me make one final point. For the past few years, growth in the euro area has been sustained by substantial support from monetary policy. Yet in the long run, growth is not determined by monetary policy, but by innovation and gains in productivity.
Structural reforms are needed in the euro area, and in each member state to improve the economic resilience to shocks and to boost productivity growth. Higher productivity growth will raise equilibrium real interest rates and, more importantly, improve welfare for everyone in the euro area. 1 See Ciccarelli, M. and Osbat, C. (Eds.