This is an important factor which, in Europe, helps compensate for the added inflation inertia that stems from more rigid production and distribution systems. And when I say “more rigid” I mean relative to the United States where the frequency of price changes is almost twice as high as in the euro area.
This increasing resilience is illustrated by the fact that the major shocks of the last ten years have not played a significant role in the dispersion of output growth and have not contributed to economic divergence. *** Ladies and gentlemen, let me now conclude.