10 Competitiveness is usually assessed on the basis of various measures of cost and price competitiveness 11 , complemented by accounting for some “non-price” factors, such as the quality and the technological content of the goods produced. A special feature of competitiveness differentials in the euro area is their persistence.
And then there are positive consumer expectations and rising net wealth among households. On the other hand, the gross debt ratio remains high, and some households may have a wish for further consolidation.