*  *  *  It is a real pleasure to be here today on the occasion of the Silver Jubilee Inaugural Function of the Reserve Bank of India Archives (RBIA), earlier known as the Central Records and Documentation Centre (CRDC).
And the reforms do pay off: the remarkable labour productivity growth performance in network industries in Europe over the last ten years provides a perfect example of the positive impact on labour productivity growth of easing regulations and fostering competition. Well-functioning labour markets are also extremely important in fostering high economic growth. Economic policies that discourage the effective reallocation of labour should be avoided.