This suggests that remaining cross-country differences in product market regulation can partially explain the recently observed divergence of productivity in OECD countries. In this respect, the Single Market has already yielded major benefits for the European economy.
15 In telecommunications, for instance, now largely or fully open to competition, labour productivity growth has significantly accelerated, from 4.4% between 1980 and 1995 to 7.4% between 1995 and 2005 and telephone prices charged by the former monopolies for national and international calls were reduced by more than 40% on average in Europe between 2000 and 2006.