I should add that these inadequacies of real GDP as a measure of real income do not in any way diminish its relevance to monetary policy. From a monetary policy perspective, real income matters primarily as a driver of domestic demand.
In the forefront are the sustained consolidation of public finance and the dismantling of structural rigidities. I am sure these needs are increasingly being recognised. Anyway, there is certainly a good prospect of the euro duly playing its role of being an international investment, reserve and transaction currency alongside the dollar.