Such reforms will simultaneously contribute to the moderation of unit labour cost growth and to the more efficient response of both product and labour markets to the adverse shocks buffeting the European economies. As a result, the adjustment of the economy will be facilitated and its shock-absorption capacity strengthened.
  A number of large businesses, particularly in the mining sector, have been able to fund their activities and repay debt from their retained earnings resulting from their strong cash flow (Graph 9).