But let me come briefly to the policy skills that I would also like to touch upon. How can policy skills get Europe out of the crisis? This is a topic that needs continuous reflection and debate and we are fortunate to have as next speaker the man who is at the center of this responsibility, the President of the European Council, who has given already very significant and powerful contributions to a greater focus on a growth agenda in Europe.

To make things extremely simple, which they are not, but for the sake presentation I would say that right now Europe needs policies that increase potentia growth that is not to say policies that would provide only an ephemeral contribution to growth. Potential growth needs to rely primarily on structure reforms in each of our countries. The objective of structure reforms is precisely to increase the growth potential of our countries. Let me also say, that I speak here on behalf of a country, Italy, that in the last twelve or fifteen years only had half of the growth rate enjoyed on average by the rest of the Euro zone and that because of a low growth potential. The reforms like the labour market reforms, like measures to liberalize the economy and open up to competition especially in the service sector and other reforms and the speeding of infrastructures are precisely meant to increase the potential growth rate over the medium term. These are the policies to be mostly focused upon and I believe that this needs to be done both at the EU and at the national level. Structural reforms enable us to act on the supply side of the economy and are the ones that at the EU and business level have always been strongly supported. I also believe that the most important structural reform is to give a new impulsion to the single market, which still remains vastly untapped in terms of its potential. This is very much on the agenda of the European Council following the last two European Summits and I know that President van Rompuy and President Barroso are focusing very much in an operational way to enable the next European Councils to come to definitive conclusions in this area. The pendant or counterpart at domestic level of the single market is to really make our individual economies function more as market economies, opening up not only vis à vis the rest of the EU in terms of single market integration but also removing various obstacles, various restrictions of market entry and various forms of corporatism, which preserve rents and privileges and generally play against the excluded, the young, in favour of incumbents, who are normally the less dynamic elements of society and economy. Of course these structural reforms - be it at the level of the EU single market be it at the level of the individual member states- cost political capital, because they imply overcoming strong resistances and lobbies and categories that are not going to benefit from the reforms and are generally louder and more effective in terms of their lobbying efforts, than the voiceless categories of the young of the less privileged who benefit from the reforms. So these are, I believe, the policies broadly sketched on which Europe at the EU and the nation level has to work on.