Consequently, there have been sizeable currency misalignments and carry trades, compression of risk spreads, mispricing of widely diffused risks and even real sector implications for several emerging economies. The strong macroeconomic performance of Asia has also contributed to the relentless search for yields and the increasing appetite for risk.
18  See the World Bank web site www.doingbusiness.org. 19  Eurostat data. 20  See G. Schwerdt and J. Turunen (2005): “Growth in euro area labour quality”, ECB Working Paper Series, No 575, January 2006. 21  OECD (2005) “Education at a glance”. 22  OECD (2005) “Education at a glance”.