Valérie Hayer· Renew

Nuanced

Internal barriers cause the loss of EUR 500 billion in growth each year.

Omissions

• The EUR 500 billion figure refers to potential gains from closing the productivity gap with the US by one-quarter, not specifically from removing internal barriers
• The figure represents potential economic gains rather than current losses
• The ECB speech does not attribute this amount solely to 'internal barriers' but rather to broader structural reforms to boost productivity
• The source is an ECB speech from February 2026, which was available before the March 11, 2026 parliamentary session

Sources

• PrimaryEuropean Central Bank - Speech by Philip R. Lane on 'Turning size into scale: Europe's new growth model'The gains for the economy could be in the order of €500 billion per year from closing one-quarter of the productivity gap with the United States