There is no shortage of lessons to learn from abroad to establish a new growth model and improve the standard of living. Institutional reforms and revisions are required in order to increase the working-age population, to raise the birth rate and put a brake on the population decrease. This undoubtedly is the correct approach, but it takes time to produce results.
A speaker should exhaust his topic, not the audience. Therefore, two final things – first: thank you for your attention, and second: Jerome, the floor is yours. BIS central bankers’ speeches  3