But, obviously,  BIS central bankers’ speeches  3  monetary policy cannot guarantee strong and lasting growth on its own, it cannot be a substitute for the needed reforms, it can only provide favourable conditions to speed the process up and absorb its short-term costs. A successful effort requires, once again, action at both the national and the European level.
Lacking a common fiscal capacity, demand in the euro area must draw support from a more convinced use of the available fiscal space. In particular, this implies a substantial, and symmetric, respect of the requirements of both the Excessive Deficit Procedure and the Macroeconomic Imbalance Procedure.