‘Outsourcing’ policy implementation – such as mortgage deferral or wage subsidies - has proved necessary. Of significant interest to central banks globally was how timely and effective fiscal policy could prove to be in support of demand management? ‘Quite timely and very effective’ was the answer across many countries – with a ‘very timely and effective’ answer here in New Zealand.
Euro area labour productivity growth (annual % changes unless otherwise stated)  Note: Labour productivity is measured as value added over total employment. Source: Eurostat. BIS Review 115/2007  9  Table 2. Contributions to labour productivity growth  Notes: LP growth stands for labour productivity growth per hour worked; TFP stands for total factor productivity. Sources: ECB calculations using EUKLEMS data.