Better technology uptake could lift European economy: Draghi

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March 13, 2017 10:14 AM EDT

European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - If non-high-tech companies adopt more innovative technology, that would provide a boost for European productivity, European Central Bank President Mario Draghi said on Monday.

High-tech firms do well against global competitors but others, particularly in the services sector, fare worse than their peers, Draghi said at a conference in Frankfurt.

"Simply by diffusing better the technology we already have in the euro area, we could make sizeable gains in productivity," Draghi said.

"Higher productivity growth is also vital to safeguard Europe’s economic model of high wages and social protection, and hence to counter the sense of economic insecurity that is currently prevalent in several advanced economies," Draghi said.

(Reporting by Balazs Koranyi and Francesco Canepa; Editing by Robin Pomeroy)


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