A study by Andrew Sharpe reveals that Canada's ICT investment gap relative to the United States is not primarily related to industrial structure and firm size; in fact, the gap exists in most industries. 9 This is important because ICT capital investment has been linked to stronger multifactor productivity growth in many countries, as firms reorganize their workplaces to take advantage of new technology.
They will foster more efficient and sustainable cross-border financing flows, that will support potential growth throughout the euro area. And they will contain the risk of future imbalances. My second recommendation: it would be beneficial if future monetary and fiscal policy would, more so than in the past, move in the same direction.