4  BIS central bankers’ speeches  activity across sectors and countries, but does not create additional activity. It is by and large a zero sum game. Thus, I see it as imperative that we now shift our focus towards a different composition of reforms, comprising in particular those reforms that will raise investment demand.
Another way of saying this is that we need a new stage of structural reform in the euro area focused less on competitiveness and more on productivity. With weak demographics, it is productivity growth that will ultimately determine investment demand along the steady state path of the economy.