Private nonresidential investment (SNA, nominal)  15  Tankan (actual)  10  Tankan (planned investment for the next fiscal year as of the March survey of each year)  5 0 -5 -10 -15 -20 FY 08  10  12  14  130  16  18  20  22  Note: Figures based on the Tankan include software and R&D investments but exclude land purchasing expenses.
It is clear that such major structural reforms are not easy to achieve, but pursuing resolutely such reforms is especially needed in the current environment, where the European economy is facing a number of important challenges, including rapid technological change, ageing populations as well as accelerating globalisation.