And on both occasions, I actually had a choice in the matter, which is not always the case. In a way, the proverb also captures nicely what I’m attempting to do today – to come to Madrid in order, well, not to ascend to heaven, but to take a bird’s eye view of the situation the euro area is facing.
In my opinion, taking a longer-term perspective is crucial when analysing the problem that looms largest in our monetary union today: the euro area’s weak growth prospects. To a certain extent, the problem is one of subdued demand, owing mostly to the macroeconomic adjustments in the countries that have been under stress over the last few years.