The key challenge for euro-zone companies: Will they be able to restore their productivity gains?

In the United States, the return to full employment had driven US companies to modernise and restore their productivity gains, which is the only way they can continue to grow when hiring difficulties become very significant. This has extended the growth period and restored potential growth in the United States. Are we going to see the same development in the euro zone ; are there signs that companies are stepping up their efforts to modernise, which would make it possible to boost productivity and growth? If that is not the case, the low level of potential growth will shortly put a severe constraint on euro-zone growth, given the level of unemployment. The modernisation of European companies is currently advancing, but at a slow pace, and we cannot see any sign of an upturn in productivity gains.