This risks hampering growth and job creation at the time of the market adjustment to come in particular through the competitiveness channel. 12  6  See Giannone and Reichlin (2006), Benalal et al. (2006) and ECB (2004).
BIS Review 117/2006  Summing up, I would say that the level of dispersion of inflation and growth in the euro area is in line with the main features of a vast continental economy.