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.
7  See Oliner and Sichel (2002), “Information technology and productivity: where are we now and where are we going?” Federal Reserve Board. See also Jorgenson, D., M.S. Ho and K. Stiroh (2002), “Information Technology, Education, and the Sources of Economic Growth across U.S. industries”, mimeo.