[Question] Yet Europe has made considerable efforts in this field over the past few years. Some countries are out in the forefront in terms of Internet and mobile phone use. Why do you believe that the euro area still lags behind?
[Answer] We suspect that the IT revolution is taking its time to materialize because Europe has to reckon with goods, services and labour markets that are still not very flexible, or in any case less flexible than in other economies. We are convinced that less flexible economies and companies benefit less and later from scientific progress.