ECB’s Nagel: German Productivity Could Benefit from Digitalisation

22 March 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said that digitalisation could help increase productivity in Germany.

Speaking at a symposium organised by the German Bundesbank, which he heads, Nagel, according to a text provided, said, ‘More digital skills and more investment in digitalisation could help significantly increase productivity in Germany.’

Data demonstrated that Germany needed a ‘boost in digitalisation’, he said, which would benefit the economy.

‘This [focus on digital skills] will improve the opportunities for productivity growth – as well as the opportunities for each and every individual in the labour market’, he said. ‘Finally, specific managerial skills will also be needed to convert digitalisation into productivity gains.’

In the banking sector, the digital euro was a good example of digitalisation, he said. ‘It can help open the door to further productivity gains in the financial sector.’