our monetary policy measures, other policy areas must contribute decisively. given continued high structural unemployment and low potential output growth in the euro area, the ongoing cyclical recovery should be supported by effective structural policies. in particular, in order to increase investment, boost job creation and raise productivity, both the implementation of product and labour market reforms and actions to bis central bankers ’ speeches improve the business environment for firms need to gain momentum in several countries. a swift and effective implementation of these reforms, in an environment of accommodative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also raise expectations of permanently higher incomes. fiscal policies should support the economic recovery while remaining in compliance with the stability and growth pact. full and consistent implementation of the pact is key for confidence in our fiscal framework. we are now at your disposal for questions. bis central bankers ’ speeches

another look? you see i figured that stress tests for banks were part and parcel of your job as ecb banking supervisor. but if we turn the tables, are there any stress tests for the supervisor? there aren ’ t any, are there? 4 / 7 bis central bankers'speeches oh yes there are! every stress test for the bank is also a stress test for the supervisor. ok, but i ’ ve nonetheless prepared a few very special stress cards for you in order to test your personal stress resilience. please go ahead and read out the first card. it reads : “ your office manager calls in sick. ” do you find that stressful? yes, in the first instance. but then i would simply put their calls through to me and get on with it. so you would really do that? yes, of course i would. i ’ m a woman. i ’ m well able to multitask. the next stress card. it reads : “ someone hacks into your work computer which stores important sensitive bank data. ” how would you react? i think that ’ s actually impossible. we have an extremely good security system at the ecb. you want to know how i would react? that would surely be a stress factor, wouldn ’ t it. confidential data? yes, of course. but our it experts would deal with it, and our colleague from communications would probably step in too and would then speak to you. it has never once happened to me, by the way. next card. it reads : “ you need to fly to an important meeting, but the pilots go out on strike unexpectedly. ” that has actually happened to me. that can happen occasionally and then you ask... you take that in your stride? yes, exactly, i would then return to the office and ask my staff to arrange a conference call. that is easily done these days. a video conference or something like that? yes, that ’ s right. we ’ ve one more card, if you ’ d like to take it? yes! it reads : “ you need to get to an executive board meeting at the ecb but you ’ re surrounded by a group of blockupy demonstrators as you enter the building. ” is your heart racing? well, i assume that the demonstrators pose no threat to life and limb, they simply want to make their views known, don ’ t they? yes. well, i ’ m in my element if i