This half percentage point of potential growth can be achieved by a medium- to long-term reform path: the efficient firefighters of the crisis must gradually hand over to the architects. A third of the necessary progress could be achieved through two European-level transformations (II) – via investment, digitalisation and the associated productivity gains –, the rest would depend on two challenges specific to France (III). II. Two Schumpeterian transformations for Europe  Europe, like the rest of the world, will have to achieve two major transformations in the next decade: the digital revolution and the climate transition. The Covid crisis has obviously accelerated the former, and fortunately has not slowed down the efforts regarding the latter. Compared to the rest of the world – and in particular the United States – our Europe is lagging behind with the first transition, and still ahead with the second. But it suffers above all from a structural handicap: its lack not of economic weight – which we have, together – but of speed; Europe has unfortunately had less growth than the United States for the past thirty years, and less capacity for economic renewal. In a speech last March at the College of Europe in Brugesii, I voiced the wish that we should finally reconcile the two great European economists of the 20th century: Keynes – who has provided us with much inspiration in the Covid crisis – and Schumpeter – the man of innovation, whom we will need in order to achieve these two transformations.
Given the current crisis in public services, their necessary modernisation and mobilisation are not incompatible with performance and management; and spending on the future - from education to investment - has a better multiplier effect on long-term growth. Page 2 sur 15 Ladies and gentlemen, dear teachers and students, I am very happy to be with you again today, in this very important place of teaching and knowledge. I had the honour of speaking here in January 2020, on the then much disputed question of low interest rates. Two months later, the Covid crisis erupted, which not only rebuilt the consensus on these low rates, but also called into question all our forecasts and many of our common points of reference. Since then, we have been living under the continuous pressure of an emergency situation, in a permanent present that masks our structural challenges. I understand and share the suffering. But one day, we will overcome for once and for all this Covid ordeal: this is both an obvious wish for this new year, and a necessity. It is time for us to talk at last about the fundamental choices for Europe and for our country, and to do so, we must take a longer-term view. ** I. A perspective that must go beyond the short term  As regards the short-term economic situation, I will therefore just make three remarks: a) The French economy is currently proving resilient to Omicron and to the fifth Covid wave.