Furthermore, given the exchange-rate criterion set by the Maastricht Treaty, the question likewise arises for Sweden and the UK as to accession to the EMS II system. But I am deliberately refraining from going into that tonight. At any rate, I should welcome it if the EU country Sweden were soon to take the final step into European monetary union.
Second, productivity growth in the manufacturing sector has slowed quite significantly over the past two years – from over 14 per cent in 2002 to around 3½ per cent last year. Indeed, on a year-on-year basis, productivity growth in manufacturing was actually negative during the first half of 2005.