After all, we attribute a lot of the discrepancy between the European and U.S. performance in labour productivity growth to different rates of growth of TFP, namely of an unobservable factor whose evolution over time is particularly difficult to forecast.
Are the structural reforms carried out in past years sufficient to at least stop the European productivity decline, if not to foster a technological revival? Have European firms learned to exploit the potential of the ICT-revolution to its full extent?