Demographic developments mean that this decline is highly likely to continue in the coming decades (Slide 12, right-hand side). In addition, in recent decades, the leading industrial nations have undergone massive structural change, owing not least to digitalisation, and have been moving away from capital-intensive manufacturing industries towards less capital-intensive service industries.
Jean-Claude Trichet: A unique perspective Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the celebration of the publication of Otmar Issing’s book “Der Euro”, Frankfurt am Main, 15 April 2008.