4. Productivity and the single market  For the ECB, long-term growth prospects matter, but our main focus is of course on inflation developments. Let me therefore now turn to the role of productivity in shaping inflation  5  Source: European Commission. 6  EU KLEMS database.
And, third, the inception of our Securities Markets Programme in early May has helped to ease considerably the tensions in euro area government debt markets. Sovereign bond spreads and credit default swap (CDS) premia have fallen significantly from the peak levels that they reached in the first week of May.