Many of these forces continue to operate in today’s 6 economy, conceivably with greater force than in the late 1990s. In addition, measured labor productivity has continued to increase rapidly since early 2001--remarkably so, considering that productivity tends to be strongly procyclical--raising the possibility that we have underestimated the degree to which innovation and better use of existing resources have increased potential output.
Set against the backdrop of the recent global financial crisis, increased insider trading, and the structural problems facing the crisis-hit EU economies, the importance of constructing and harmonising preventative market surveillance rules and disseminating this in regional training is critical for us all.