As evident from next slide, this is partly due to the use of shortened hours’ schemes in a number of euro area countries had a significant impact on developments in productivity per head. While shortened working hours were also used extensively in the United States over the course of the crisis, US firms were also much more likely to lay off workers.
1/2  BIS central bankers' speeches  We believe that a nuanced and sensible approach rather than blind following of every trending technology is the ideal way to regulating in these uncertain times. We have always been accessible to the industry and given the nature of Fintech it becomes even more critical to consult the market participants before introducing new rules.