If one looks at the 2003 proposals, though, not many have been implemented – apart from those regarding the labour market and pensions. Well, those are, after all, two extremely central policy areas, and it is not least thanks to these reforms that our economy is doing so well compared with other countries.
But that is precisely what makes it tempting to avoid tackling still-existing deficits. Unfortunately, reforms are often not carried out when the need for action is still predictable but only after all other options have vanished. The costs are then usually higher. In the light of the good situation, many see your criticism as the typical attitude of a Bundesbank killjoy.