Furthermore, given the low level of potential growth, 2  1  On this point, see “Unemployment in the euro area”, a speech by Mario Draghi, President of the ECB, to the annual central bank symposium in Jackson Hole, 22 August 2014.
2  On the prospects for economic growth potential, please refer to Anderton, R. et al., “Potential output from a euro area perspective”, ECB Occasional Paper Series, No 156, November 2014; European Economic  BIS central bankers’ speeches  3  strongly undermined by the crisis and estimated at under 1%, there are clear priorities for reform from the ECB’s standpoint: encourage productive investment, improve employment rates and training, and restore the overall productivity of inputs by reducing barriers to entry and to innovation and by improving economic conditions for companies.