The comparison with the member states of the European Union is particularly interesting. Throughout most of the post-World War II period, labor productivity growth in Europe exceeded that in the United States, reflecting, first, rapid gains during the postwar reconstruction and then a gradual convergence of European technology and business practices to American standards.
Nils Bernstein: Recent economic and financial developments in Denmark Speech by Mr Nils Bernstein, Chairman of the Board of Governors of the National Bank of Denmark, at the Annual Meeting of the Danish Bankers Association, Copenhagen, 6 December 2006. *  *  *  Thank you for inviting me to speak here at the annual meeting of the Danish Bankers Association.