Concluding remarks  Let me now indicate a few points that central bankers may wish to bear in mind from our experience following the integration of financial supervisory agencies in contemplating the reorganization of their own national financial supervisory framework.
Indeed, there seems to be a lot of unexploited potential in the EU when it comes to labour productivity. First of all, productivity can improve within each industry and within each firm. Secondly, aggregate labour productivity can also be raised by the exit of industries and firms with weak productivity, and the entry of those with better productivity.