Germany is among them, thanks to the resolute structural reforms implemented in this country ten years ago. These reforms are an inspiration for other countries. Many European countries have structural problems: it takes longer to get licenses, permits and other administrative authorisations than in other countries; the judicial system is slower; and regulation is more complex.
Structural reforms may hurt a few vested interests, but they would clearly strengthen the effectiveness, competitiveness and, yes, also the fairness of our economies. Another key issue is growth-friendly fiscal consolidation. We have to be mindful that debtbased fiscal spending is no way to growth.