This will not be fixed just by a cut in policy rates. Instead, what is required is a clean-up of the balance sheets of public sector banks, which is underway and needs to be taken to its logical conclusion.
Yes, there is a sentence in the Jackson Hole speech where I said that the risks of doing too little are bigger than the risks of doing too much and this applies to structural reforms as well. Many countries, most countries in the euro area have planned these reforms for a long time, have designed these reforms. What is needed now is action.