And it’s the private sector services that mainly account for the gap in labour productivity growth between the euro area and the US. From 1995 to 2005 their hourly labour productivity in the euro area only grew by 1.0% compared with 2.9% in the US.
It provides a useful opportunity to leverage and learn from the experiences of how best to ensure that the risks, that inhibit achievement of our objectives, are properly identified and mitigated. It is generally accepted that central banks were late movers into the area of true Enterprise Risk Management (ERM), due to the strong emphasis on financial risk management.