And non-labor costs, which are roughly a quarter of total consolidated costs of the nonfinancial corporate sector, were little changed in 1996. Owing in part to this subdued behavior of unit costs, profits and rates of return on capital have risen to high levels.
Monetary policy operations and the collateralisation of intra-day credit with the purpose of fostering the smooth functioning of the payment system require the final and unconditional transfer of collateral prior to the granting of the credit concerned if the central banks are to be protected against credit risks.