The downward rigidity of nominal wages is often pointed out as a factor that prevents the smooth adjustment of real wages under very low inflation. This impediment to the real wage adjustment is likely to hamper the reallocation of labor forces among sectors and regions.
The project assessed the levels of development of the securities markets payments and settlement system as well as existing capacity to comply with principle 38, and developed action plans for compliance with the principle of Delivery Versus Payment (DvP) that formed the basis for the current developments.