And this is where structural reforms come in. They are essential to raise potential growth, which provides the basis for lasting prosperity. They are also essential to make economies more resilient to economic shocks, and help them diverge less when a crisis hits.
It is a true joint effort involving the European Central Bank, the Federal Reserve Board, the BMW Institute for German and European Studies at Georgetown University, and the Centre for Financial Studies at Goethe University in Frankfurt. You have a very full agenda for the next two days.