And it decided to neutralise certain taxes, excise duties, fees and other contributions in the reference index for index-linking. While the indexation system, after being thoroughly reformed, remains an acquired right for both employees and for recipients of social benefits, the total development in private-sector wages has also been controlled since 1996 by the wage norm-another distinctive feature of the Belgian system.
And those countries which derive a large proportion of their value added from commodity exports are likely to benefit from the latest recovery of commodity prices, especially the significant increase in oil prices. By contrast, the United States and United Kingdom recently saw a slight deceleration of growth, with US growth being curbed by the oil industry delaying investment, amongst other factors.