And third, the equally unprecedented phenomenon of economic globalisation, and not only globalisation of trade and finance but also the global immediate sharing of issues and ideas, of problems and possible solutions, what I would call a brand new conceptual globalisation. In this new global economy we all are deemed to change extremely rapidly.
I would say that the opportunity cost of not being sufficiently flexible has considerably increased. The differences that we see on both sides of the Atlantic as regards labour productivity progress are one illustration of this opportunity cost.