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Olivier Blanchard, Economic Counsellor and Director, Research Department at IMF, at the Symposium on Financial Stability and the Role of Central Banks, in Frankfurt, Germany, 27 February 2014. The Deutsche Bundesbank is hosting the two-day symposium to discuss the current state of the reform process as well as areas where further action might be required. (Photo by Horacio Villalobos/Corbis via Getty Images)

Olivier Blanchard, Economic Counsellor and Director, Research Department at IMF, at the Symposium on Financial Stability and the Role of Central Banks, in Frankfurt, Germany, 27 February 2014. The Deutsche Bundesbank is hosting the two-day symposium to discuss the current state of the reform process as well as areas where further action might be required. (Photo by Horacio Villalobos/Corbis via Getty Images)