that M A activity in the telecommunications subsector was mainly driven by euro area firms .

It links Chaves to Vila Real, and to the border with Spain.

The main factor underlying this trend was the significant narrowing of the inflation differential .

Wage restraint was the principal underlying factor in 1993

The key factor influencing the return on the investment portfolios is the asset allocation of the ECB 's strategic benchmarks .

The main factor underlying this trend was the significant decline in the inflation differential .

1 The main factor behind the collapse in trade was the sharp contraction in global demand .

The main factor affecting the comparability of these statistics is a different delineation of the government sector .

Talent is now the key factor driving competitiveness (or the lack thereof) for companies and countries alike.

On the part of employers , high statutory social security contributions have been identified as a significant nonwage cost factor .

The main underlying factor appeared to be a more favourable assessment of credit risk by banks owing to the economic recovery .

With interest expenditure virtually unchanged , the deterioration of the primary balance was the main factor behind this outcome .

The main driver of Pakistan s dramatic reduction in polio cases over the last two decades has been leadership at all levels.

The main factor underlying this gradual depreciation was narrowing short term interest rate differentials vis à vis the euro area .

Both these developments suggest that the prevailing low level of interest rates in the euro area , implying low opportunity costs of holding liquid balances and reduced borrowing costs , was a key driving factor behind monetary dynamics in 2005 .

The main single factor in this increase was the rise in the ECB 's pension fund obligations , as calculated by the actuary , which contributed substantially to an increase in staff costs from Euros 130 million to Euros 161 million . In 2004 , the emoluments of the Executive Board of the ECB amounted in total to Euros 2.1 million ( 2003 Euros 2.0 million ) .

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The breakdown of MFI loans to households by purpose indicates that the main driver of borrowing remained house purchases .

The main factor contributing to disinflation has been the deceleration of unit labour costs , underpinned by wage moderation ( helped by declining inflationary expectations and by disinflationary pay settlements in both the private and the public sectors ) and sustained

However , there was a slight rise in the quoted shares issuance of non financial corporations in the second half of the year .

Costs were primarily cut by reducing the size of branch networks and staff numbers .

Domestic demand , which was the main factor underlying strong growth in the years 1998 to 2000 , was also the main reason for the decline in real GDP growth in 2001 ( see Chart 16 ) .

These developments further confirmed that the stimulative impact of low interest rates remained the dominant factor behind the high underlying rate of monetary expansion .

Main factor of uncertainty The framework Council Regulation provides only a framework within which many technical details must be resolved in collaboration with Member States .

The main drag on the Mexican economy was the manufacturing sector , whose exports have lagged behind the recovery in the United States .

for statistics on prices and costs , since these relate directly to the ESCB 's primary responsibility to maintain price stability

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What is least appreciated of all is how cost effectively these agencies for all their limitations perform overall, in both absolute and comparative terms.

In the non life sector , the main factor was the strength of net premium income , driven by more risk sensitive pricing and stricter underwriting conditions .

The improvement in the global economic outlook over this period also evidenced by the solid performance in global equity markets is likely to have been the main driving factor behind this development .

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Panic is a factor in data loss

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There is a growing consensus that a single financial market will be a key factor in promoting the competitiveness of the European economy , lowering the cost of capital for large and small companies .

The main single factor in this increase was a provision against a rise in the ECB 's pension fund obligations , calculated on an actuarial basis .

The main factor driving real GDP growth down in the course of 2001 was the sharp contraction of private business fixed investment and inventories .

The main factor underlying this trend was the significant decline in the inflation differential vis vis those countries with the lowest long term bond yields , which has recently approached zero .

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A breakdown of MFI loans to households by purpose indicates that borrowing for house purchase continued to be the main driver of overall lending to this sector in 2009 . The annual growth rate of loans to households for house

Opportunity cost is one way to measure the cost of something.

The Eurosystem welcomes this riskreducing factor .

Many of these barriers appear to be due to national regulations , for example administrative procedures for setting up subsidiaries in other euro area countries or the use of discretionary powers by local authorities . Following a decade of continuous improvement , the decline in the percentage of EU Internal Market legislation which Member States have not yet transposed into national laws came to a halt in 2002 .

Indeed, businesses cite uncertainty about the strength of demand, not uncertainty about regulation or taxation, as the main factor holding back job creation.