Where necessary, we will increase the use of formal and informal enforcement actions to ensure prompt and effective remediation of serious issues.
When taking a closer look, however, we see that real convergence before the crisis was mainly based on the activation of more production factors, in particular in terms of an inflow of external capital flows into the euro area periphery. Developments in total factor productivity, on the other hand, had negligible impact on the convergence of real per capita income.