is is the second report to be issued by a group of international economists brought together under the auspices of LUISS. LIGEP stands for LUISS International Group on Economic Policy. Its mandate was to consider problems of economic policy in the aftermath of the Global Crisis in the World, Europe and Italy. The discontinuity brought over by the Great Recession and the economic problems of our time are putting into question our past knowledge, the tool kit which has become common to a vast majority of scholars. It is time to review what we really know and the degree of confidence we attach to it. Even if what we knew were more robust than this unexpected event would make us to believe, it should not dispense us to assess the state of the art and to form new hypothesis, to venture new explanations. We have attempted to do that in our =rst report entitled After the Crisis, the Way Ahead. In this second report, we take a long term view of the problem, in the light of the study of past productivity trends, in order to understand what could be the determinants of future growth, and especially of future productivity growth. Are we going back to past trend or rather are we evolving towards a “new normal”? Are there policy actions which could prepare for a better future? The rule governing the functioning of the group is not unanimity, but vivid debates and persuasion. We want to come with strong conclusions but we also want that each of us endorses these conclusions. That is why the different contributions are not identi=ed and the report collectively authored. For that to be achieved one of us was in charge of the last say. I thank very much all the members of the group for having given me this responsibility.