one glimmer of hope, of course, is that the impediments to investment will gradually peter out over time. the adjustment and reform processes in the crisis countries are making headway, and financing conditions are looser again than they were when the crisis was raging. this means that two major burdens on investment have been removed. however, one major impediment lingers on – the outlook for growth – a hugely important factor for investment – has been revised downwards in recent years. the european commission projects that, in the absence of further growth - enhancing reforms, the medium - term growth outlook will be no better than 1 % per annum. it is this malaise, and not deficit - financed stimulus programmes, that needs to be addressed by economic policy. the same can be said for germany, where negative demographics look set to play a major role in depressing potential output growth. incidentally, grafin lambsdorff, the idea of making each country individually responsible for creating growth - friendly conditions was something which your late husband already expounded in his famous “ lambsdorff paper ”. that document back in 1982 spelled out his plan for boosting growth in germany and probably sounded the death knell for the spd / fdp coalition. pointing to the stubborn adjustment crisis that was stifling the global economy at that time, graf lambsdorff wrote : “ it will only be possible to find a solution – at least a lasting one – to the worldwide problems if the individual countries themselves do away with what ’ s making it difficult for them to adjust. ” the efforts needed to clear the debris after the financial and sovereign debt crisis sometimes addressed shortcomings of a very fundamental nature. greece, for instance, urgently needs a reliable and functioning administration and a more efficient public sector, not to mention measures to sustainably consolidate its public finances and further reform steps to make greece a more competitive economy. and italy, too, could place its economy on a much more bis central bankers ’ speeches rewarding growth path by streamlining its public administration and making its legal system more efficient. it is gratifying to note that the constitutional reforms on which prime minister matteo renzi has staked his political future are moving in the right direction. this initiative will enable parliament to adopt legislation more quickly. once the reform measures have been formally and fully approved by parliament, the final step in the process will be a public referendum, most likely in the autumn. in some

and not to fall into any habits. it's 6 : 30 a. m. john global wakes up. he enjoys the view from the window – the forest and lake. it is indeed different from the one he saw two days ago in hong kong – skyscrapers and smog blotting out the sun. he left warsaw for poznan 20 years ago, in 2006, when he realized that administrative issues are too timeconsuming and generate negative emotions. it was at that time – as early as in august 2006 – that poland's first fully electronic public service was launched in poznan. this service helps make transactions via the internet. this means that it is possible to download and fill in an electronic form, authorize it ( for instance with electronic signature ), make a payment ( including stamp duty ) and receive confirmation that a given service has been provided by the e - authority – and all this takes place via the internet. if a physical document is necessary ( extremely rarely though it happens in 2026 ), the relevant document is delivered to the indicated address by courier within 24 hours. when global was moving to poznan, he was hoping that e - government would grow fast here, and that it will be possible to set up a company via the internet within several minutes or to file a passport application from any photographer ’ s shop immediately after the photo has been taken, etc. he knew that things already looked like this in many places around the globe, but not yet in poland. he analyzed strategic documents of local authorities in poznan, took a closer look at their aims and methods to measure the results, and decided that poznan was very likely to meet his expectations. he knew that government bodies were frequently inefficient only because they did not know or employ modern yet already proven methods of administration. poznan, however, was different. here, everything was well thoughtout, consistent and done so as to fulfil a clear vision of e - government that was supposed to be citizenfriendly and to make their life easier. and global was not in the wrong. he is still satisfied with his choice. it is worth mentioning that he hesitated over the decision to move. the final straw was an argument at warsaw district office where global had gone to in order to obtain some certificate. the certificate was ready, but global – who had paid the stamp duty by an online transfer – had no proof of payment. without such confirmation the officer would not issue the certificate. the argument reached