In fact, if I may just share with you a bit of trivia, we were about to release the FSR in late February only to completely re-do everything to put COVID-19 as the centerpiece. Five months removed from our first semestral release in June, we thank you for joining us for our 2nd semester report.
13 The structural characteristics of the US economy – a more flexible labour market, a higher degree of competition in product markets and lower barriers to entry for new firms – were more conducive to exploiting the opportunities provided by new technologies, than the more rigid and less competitive structures of Europe.