00:00Looking at next year, what we'll see is we'll see the fiscal policy in Germany in particular, the infrastructure investment,
00:08defense 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, even if that's, you know,
00:19the overall growth number remains close to what we estimate to be potential output in the euro area, which is
00:25about 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 European, the
00:41Eurozone and the European Union.
00:43That has been, of course, accomplished to a certain degree.
00:46But what we're seeing is that much work remains to be done.
00:50And there's been some progress, but insufficient in our view in terms of integrating these economies.
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