What are the fundamental causes of this unsatisfactory trend growth in the euro area, especially this 1 percentage point difference with the US ? The answers can be found by looking at the factors that determine long-term economic growth, namely: •  the degree of labour utilisation;  •  demographic trends; and  •  productivity growth.
We know our work is not complete. In the coming year we anticipate moving forward on other rulemaking initiatives that will complement the steps we have already taken. The Federal Reserve is committed to remaining vigilant, diligent, and forward looking as a regulator and supervisor of the financial institutions that serve our economy.