The fruitful and stimulating debates we had all day, will certainly make my task, of drawing some conclusions and policy messages, considerably easier.
As the euro is a shared currency, euro area countries with low productivity growth cannot resort to exchange rate depreciation [currency devaluation]; and the more dynamic countries, whose currencies would normally appreciate, end up with stubbornly low inflation rates. The only way out is through internal devaluation, which entails lower wage costs and higher productivity, but this encounters social resistance and fosters populism.