For example, with its diverse network of producers, Walmart can change its source of supply to minimize operating costs a lot more easily than a newly launched company can. 14 However, the effects of concentration and declining entry rates on innovation and productivity are not unequivocal.
Let me finally say a word on the revision of the Markets in Financial Instruments Directive – the MiFID review. The ECB fully supports the European Commission’s proposals, which mark an important step towards strengthening investor protection and creating a sounder and safer financial system in Europe.