The opportunities that are offered by digital technology can be a driving force to achieve this goal. One important topic of the Finance Track under the German G20 presidency is the digitization of the financial sector. The quantity, quality, and diffusion of technological innovations are at the heart of productivity growth.
One explanation for the growing productivity gap between Europe and the US is strong productivity growth in the US. This, in turn, can be attributed to information and communication technologies or ICT (Havik et al., 2008). The contribution of ICT to US growth went up from 43% for the period 1971–1995 to 59% for the period 1995–2000 (Jorgenson et al., 2008).