7  Source European Commission. 8  ICT investment represented 4% of GDP in the United States compared with 2% in the euro area over the period 1995-2004 (source Groningen database). BIS Review 54/2008  3  power of all euro area citizens. The Governing Council is paying particularly close attention to wage negotiations in the euro area.
Increasing competition by establishing efficient and well-functioning product markets is equally fundamental. Many studies point to the potential of competition to boost productivity trends by improving production efficiency and enhancing the incentive to invest and innovate. In the European Union, significant progress has been made on strengthening competition and increasing economic integration over the past two decades.