00:00Looking at next year, what we'll see is we'll see the fiscal policy in Germany in particular,
00:06the infrastructure investment, defense-related expenditures, that is going to start building up.
00:12That will provide a little bit of a boost to the European economies going forward,
00:18even if the overall growth number remains close to what we estimate to be potential output in the euro area, which is about 1.1%.
00:27So what type of policies are absolutely needed?
00:30Well, the recommendations of the Draghi report are spot on.
00:34I mean, there is certainly a need to integrate much more deeply the different countries that form the eurozone and the European Union.
00:43That has been, of course, accomplished to a certain degree.
00:46But what we're saying is that much work remains to be done.
00:51And there's been some progress, but insufficient in our view in terms of integrating these economies.
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