And to regain it at the level of enterprises and of the productive sector, it is decisive to rely upon unit labour costs that would augment less than the average of the euro area in order to regain cost competitiveness. That is the first remark, which is always true in any circumstances.
More efficient allocation of risk facilitates portfolio investment strategies, enhances the lower-cost financing of real capital formation on a worldwide basis, and hence leads to an expansion of cross-border trade in goods and services and rising standards of living.