00:00If governments finance their higher spending needs without further consolidation or reforms, for which I see no appetite around,
00:10the average European debt ratio reaches 130% of GDP by 2040, or, weighted by the size of the economies,
00:21it will reach 155% of GDP.
00:24Of the two forces that drive debt, the interest rate is increasingly set outside Europe.
00:32Growth is the one Europe can still move.
00:37Fast AI adoption could add about 0.4% to the total to growth over the next decade.
00:46And domestic and single market reforms together could add roughly another half a percentage point a year.
