The International Monetary Fund has published a new book by a number of its staffers called Jobs and Growth: Supporting the European Recovery.

Christine Lagarde, the IMF's managing director, identifies three priorities: a better way of running the eurozone economy, product and labour market reforms, and debt reduction.

Debt reduction would initially be focused in the household and corporate sectors, with state debt levels eventually reduced too.

The sequence is considered important.

While there have been widespread calls for ideas to encourage growth after decades of underperformance in Europe, there is broad consensus that there is a necessity to deal with high debt levels.