Vacancy rates across the euro area are significantly higher than before the pandemic, which is consistent with firms reporting continued strong employment demand ahead (Slide 6, right-hand chart). These developments will add to pressure on wages as our economies continue to reopen.
Asia is increasingly the innovation centre today. But the relative decline of Europe is not a problem in itself. Prosperous neighbours do not make Europeans worse off. *** I said earlier that Europe is a tale of three stories. When it comes to patent applications, there are clear regional differences as well.