The use of the ONS statistical data in this work does not imply the endorsement of the ONS in relation to the interpretation or analysis of the statistical data. This work uses research datasets which may not exactly reproduce National Statistics aggregates. This note applies to all charts and analysis using data from the ONS Research Database. Chart 16: The distribution of productivity across firms  (a) Distribution in 2014  (b) Lower tail of distribution in selected years Density 2014  Density  0.016 0.014 0.012  2002 2008 2014  0.018 0.016  0.014  0.01  0.012  0.008  0.01  0.006  0.008 0.006  0.004  0.004  0.002  0.002  0  0  -0.002 -50 0 50 GVA per worker, £  100  150  200  0.02  -0.002 -50 -30 GVA per worker, £  -10  10  Source: ONS Research Database and Bank calculations. Notes: Gross value added per worker.
Regarding the digitalisation of finance, in addition to the support to the development of regulations, like DORA and MICA, that are intended to facilitate the development of innovations in a confidence and financial stability enhancing framework, we can, as central banks, play a positive operational role in revisiting the central bank money services we provide. This is indeed what we have started to do with the conduct by the Banque de France of 9 experiments which consisted in putting central bank money “on the ledger” for interbank settlement purposes of securities transactions or cross-border payments, and with the launch by the ECB of an investigation phase for a digital euro for merchants and citizens’ daily payments needs. However, let me note here that issuing a retail CBDC raises a number of challenges, in particular because financial intermediaries, including banks, play a key role in the security and financial stability of our monetary and financial system. These challenges need to be addressed by design in the architecture and functionality of a digital euro, for example by introducing holding limits and by promoting an intermediated model. This is why it is essential that the financial intermediaries, along with the other stakeholders, be properly involved in the investigation phase that is currently conducted.