The full benefits of the productivity acceleration however can only be reaped if there are no obstacles to organisational change. 10 In this regard, the structural characteristics of the euro area economies – as reflected by labour market rigidities and the lack of competition in product markets – did not allow European firms to exploit the benefits of new technologies to their full extent.
Turning to today’s event, I wish to acknowledge the role this year’s award winner has played especially in providing more consistent coverage and pricing in the primary auctions and repo operations. I applaud your efforts and I call upon all the Primary Dealers to work harder this year to fulfill their market obligations.