transactions. the resilience of these infrastructures is of key importance to the functioning of europe ’ s economy, especially during troubled times. well - functioning financial infrastructures are also crucial to enabling the unprecedented measures that have been taken to stimulate europe ’ s economy in response to the devastating effects of covid - 19. this applies to emergency aid and recovery packages implemented at national level as well as to the ground - breaking decision to use eu borrowing to support the crisis response and stimulate the recovery. the related financial flows can only be channelled to their beneficiaries through stable and reliable trading, clearing and settlement infrastructures. one thing is clear : the operational resilience – and with it the cyber resilience – of financial entities and of our financial system as a whole is just as important as their financial resilience. safeguarding the cyber resilience of financial services : building the european lines of 1 / 3 bis central bankers'speeches defence to safeguard the cyber resilience of financial services, the eu can build on three lines of defence : regulation and oversight, cyber resilience testing, and intelligence sharing. the european commission ’ s proposal for a digital operational resilience act ( dora ) in september this year, the european commission launched its proposal for a digital operational resilience act4 now commonly referred to as dora. as indicated by the commission, eu financial services legislation since the financial crisis has focused to a large extent on financial risks associated with financial services, while it has not fully addressed the digital operational resilience of the entities offering these services. dora is therefore a welcome initiative : it provides a unique opportunity to address the current fragmentation in financial legislation and supervisory approaches in the field of digital operational resilience, including cyber resilience. dora incorporates the lessons that have been learned from the eurosystem ’ s cyber resilience strategy for financial market infrastructures. it covers – implicitly or explicitly – the eurosystem ’ s cyber resilience oversight expectations, the european programme to test and improve the resilience of the financial sector against sophisticated cyber - attacks ( tiber - eu ), and the cyber information and intelligence sharing initiative created by the ecrb ( ciisi - eu ). we will hear more from the european commission today on dora, including how it contributes to the commission ’ s wider digital finance package5. testing cyber resilience : the tiber - eu framework while cyber risk is a form of operational risk

. unlike cutting fat, which permanently elevates the levels of productivity, these gains in output per hour are often temporary, as more demanding workloads eventually begin to tax workers and impede efficiency. but the impressive performance of productivity also appears to support the view that the step - up in the pace of structural productivity growth that occurred in the latter part of the 1990s has not, as yet, faltered. indeed, the high growth of productivity during the past year merely extends recent experience. over the past seven years, output per hour has been growing at an annual rate of more than 2 - 1 / 2 percent, on average, compared with a rate of roughly 1 - 1 / 2 percent during the preceding two decades. although we cannot know with certainty until the books are closed, the growth of productivity since 1995 appears to be among the largest in decades. arguably, the pickup in productivity growth since 1995 reflects largely the ongoing incorporation of innovations in computing and communications technologies into the capital stock and business practices. indeed, the transition to the higher permanent level of productivity associated with these innovations is likely not yet completed. once the current level of risk recedes, businesses will no doubt move to exploit the profitable investment opportunities made possible by the ongoing advances in technology. however, history does raise some warning flags concerning the length of time that productivity growth remains elevated. gains in productivity remained quite rapid for years after the innovations that followed the surge in inventions a century ago. but in other episodes, the period of elevated growth of productivity was shorter. regrettably, examples are too few to generalize. hence, policymakers have no substitute for continued close surveillance of the evolution of productivity during this current period of significant innovation. in summary, as we noted last week, “ the [ federal open market ] committee continues to believe that an accommodative stance of monetary policy, coupled with still - robust underlying growth in productivity, is providing important ongoing support to economic activity. however, incoming economic data have tended to confirm that greater uncertainty, in part attributable to heightened geopolitical risks, is currently inhibiting spending, production, and employment. inflation and inflation expectations remain well contained. ” in these circumstances, the committee believed that the actions taken last week to ease monetary policy should prove helpful as the economy works its way through this current soft spot.