To be sure, output per hour is not likely to accelerate this year as much as in a typical recovery because businesses have not delayed, as they have in past recessions, shedding workers at the first indications of weakened demand.
This should also contribute to a further narrowing of national financial markets’ roles and structures, and, on the whole, strengthen European capital markets. II What does this all mean for the issue of guidance for financial markets ? Let me start with a general principle which is widely accepted: regulations should provide a framework that best suits the specific market conditions.