Moreover, some operating risks are becoming more serious, for example those connected with the growing use of outsourcing – often to a small number of operators that are not subject to supervision – of important stages in production processes, whose malfunctioning can then affect the system as a whole.
Nevertheless, this simple exercise puts into perspective the view of some observers that the ECB’s policy is too loose for some Member States and too tight for others. But it also serves a different purpose. It shows that, while the broadening of the recovery is certainly welcome, a persistent convergence of growth rates is not unconditionally a good thing.