At the risk of repeating myself: we first need to have a robust recovery in place. Dear friends, Europe will get through this crisis, both in terms of health and economically. We rushed to the emergency and threw everything we had at the patient. And now our aim is, and should be, full recovery. That requires time and careful treatment.
Joseph A. Schumpeter, an economist who emphasized the role of firms' innovation as the fundamental element of economic growth, presents the following statement in his well-known work, The Theory of Economic Development.