In remarks delivered at the Brookings Institution in Washington, Mario Draghi underlined the urgent need to raise potential output in the euro area through reforms. “Put simply, I cannot see any way out of the crisis unless we create more confidence in the future potential of our economies”, he said, adding that “given demographic trends, raising structural growth will have to take place primarily through productivity”. Referring to an open letter written by the economist John Maynard Keynes in 1933 to President Franklin D. Roosevelt on reform and recovery in the US, Mr Draghi argued that in the euro area today ... (full story)