Employment growth amounts to 14.9 million persons in the euro area, as opposed to only 3.8 million in the previous eight and a half years. Reforms are also needed in product markets. Let me first stress the importance of fully completing the Single Market, particularly in services and network industries.
BIS Review 45/2010  1    First, the licensing of credit reference bureaus has introduced a substitute to physical collateral, which is information capital and reputational capital as well as appropriate risk pricing. CRB Africa was launched early this month.