And I would add: “But having no growth is even more painful.” Growth-enhancing reforms in individual countries including Germany are only one element, of course. Measures at the European level could likewise boost innovation, productivity and employment.
In particular, I believe that the completion of the single market for services, the creation of a single digital market and the capital market union could constitute an important growth impetus. One of the most important lessons to be learned from the recent crisis is, however, that member states must adapt better to the requirements of a monetary union.