Welcome to Econ Talk, part of the Library of Economics and Liberty.

I'm your host, Russ Roberts, of Stanford University's Hoover Institution.

Our website is econtalk.org where you can subscribe, comment on this podcast, and find

links and other information related to today's conversation.

You'll also find our archives where you can listen to every episode we've ever done going

back to 2006.

Our email address is mailadycontalk.org.

We'd love to hear from you.

Today is February 9, 2017, and today's episode is being recorded in front of a live audience

at the Hoover Institution on the campus of Stanford University.

We have three guests today, Nicholas Crafts, Professor of Economic History at the University

of Warwick, Louis Caracano, Professor of Economics at the London School of Economics,

and Luigi Simgallis, Professor of Finance at the University of Chicago's Booth School

of Business, so where he's also Director of the Stigler Center and is also a former e-contalk

guest.

Gentlemen, welcome to e-contalk.

Thank you.

Our topic for today is the Economic Health of Europe and the Possibilities for Growth.

I'd like each of you to make a very short opening statement on what you see as the major

challenges that face Europe today, and we'll start with Nick Crafts.

Seems to me the major challenge that faces Europe is its productivity performance.

Productivity, the increase in output per hour or whatever, is central to the increase

...