Author Archive

The Role of Intellectual Property in Europe’s Knowledge Economy

Tuesday, November 29th, 2016

In autumn, Netopia launched its report Immaterial Value Creation in Europe by Dr. Nima Sanandaji at the Representation of the Free State of Bavaria to the EU in Brussels.

In the video posted by Ideas Matter, Dr. Nima Sanandaji introduces the findings of his report and explains what role IPR should play in Europe’s knowledge economy.

Watch the interview below:

 

Why Digital Commissioner Ansip is Wrong about VPN Use?

Wednesday, October 26th, 2016

To view this Why Digital Commissioner Ansip is Wrong about VPN Use? infographic in full size, click here to enlarge

Report: Immaterial Value Creation in Europe

Friday, October 14th, 2016

On October 12 2016, Netopia launched its report Immaterial Value Creation in Europe by Dr. Nima Sanandaji at the Representation of the Free State of Bavaria to the EU in Brussels.

Immaterial value creation plays a key role in what is commonly referred to as the knowledge intensive economy. Intellectual property rights (IPR) – such as patents, design rights, trademarks and copyrights – are used to protect the intellectual property that results from immaterial value creation.

While nearly all businesses rely on IPR to some extent, some are intensely reliant on this form of protection. This study examines the European Union business sectors, to determine the share of economic value created and the share of jobs that exist in IPR-intensive businesses. The survey is based on data for 2011, 2012 and 2013. It covers the most detailed information available for the European Union business sector, collected from the Eurostat database.

The share of IPR-intensive business activity is high across the Union

The key finding is that 40 per cent of employment in the European business sector and 51 per cent of value created in the sector occurs in IPR-intensive businesses.

All business activity in publishing, film, music and software are classified as IPR-intensive. The reason is that the value produced mainly has the form of digital content, protected by copyright. The majority of value added in a number of other sectors is also IPR-intensive. This includes ICT, manufacturing, professional services, real estate and trade. Utilities as well as accommodation and food services on the other hand have negligible shares of IPR-intensive businesses. Although differences exist among European Union member states, the share of IPR-intensive business activity is high across the Union.

Besides the direct effect on job creation it is likely that, as pointed out by an American study, IPR-intensive businesses also indirectly stimulate job creation in the rest of the economy. This is in line with the observation that knowledge-intensive businesses are the driver for job growth in modern economies.

Download the full report in English here.

The launch event here.

Per Strömbäck
Editor Netopia

Event: Cultural and Creative Industries – Jobs, Growth & Europe’s Digital Future, Oct 12

Friday, September 30th, 2016

On October 12, Netopia, Creativity Works!, the Cultural & Creative Industries Intergroup, creators and their business partners from around Europe gathered at the Representation of the Free State of Bavaria to the EU to debate the next evolutions of Europe’s cultural and creative industries in an ever-changing digital landscape.

During this event moderated by Per Strömbäck, Netopia introduced its new report Immaterial Value Creation in Europe by Dr. Nima Sanandaji, President of the European Center for Entrepreneurship and Policy Reform.

Panelists looked at the role of copyright in the digital age, how the sectors’ business models might evolve, and the challenges and opportunities of the digital age for multicultural and local content production in Europe.

Speakers

Per Strömbäck
Editor of Netopia

Barbara Schretter
Director, Representation of the Free State of Bavaria

Christian Ehler
Member of the European Parliament and co-chair of the Cultural & Creative Industries Intergroup

Pervenche Berès
Member of the European Parliament and co-chair of the Cultural & Creative Industries Intergroup

Silvia Costa
Member of the European Parliament, Chair of the CULT Committee, European Parliament

Angelika Niebler
Member of the European Parliament

Virginie Rozière
Member of the European Parliament

Eva Kaili
Member of the European Parliament

Pauline Rouch
Cabinet of President Juncker, DSM advisor

Antti Peltomäki
European Commission, DG GROW, Deputy Director General

Lucia Recaldi
European Commission, DG EAC, Head of the MEDIA Unit

Dr. Nima Sanandaji
President of the European Center for Entrepreneurship and Policy Reform

Anthony Level
Digital Chief Policy Officer, TF1

Carlos Falcó
Chairman of Círculo Fortuny

Christian Schumacher-Gebler
CEO of Bonnier Media Deutschland

Reinher Karl
Copyright and Media Lawyer

Javier Mendez Zori
Head of Content Production, MEDIAPRO Group

Annabella Coldrick
Chief executive, Music Managers’ Forum

Dan Maag
Founder, Pantaflix

Nick Yapp
President of the European Writers’ Council

Johannes Sevket Gözalan
Founder and CEO of European Games Group AG

Dr. Ildikó Török
Business Development Director at MOZAIK Education

Jan Orthey
incoming Chairman of Retail Committee, German Booksellers Association

Tomas Speight
Chief Executive Officer, Panther Media

Stephan Hutter
Managing Director and Director Distribution, Prokino.

Casten Almqvist
CEO of Bonnier Broadcasting

Florent Saillot
Head of Digital, Madrigall (Gallimard-Flammarion)

Tobias Schmid
Executive Vice President Governmental Affairs, RTL Group

Nina George
Author

Kees Van Weijen
Managing Partner at PIAS Rough Trade distribution Benelux, Chairman, IMPALA

 

Event: 21 Digital Myths, Reality Distortion Antidote, Jul 11

Monday, July 11th, 2016

On July 11th 2016, Netopia launched its new book on 21 Digital Myths, Reality Distortion Antidote, which took place at Place de Londres Café in Brussels.

Digital technology offers countless opportunities, driving change in an unstoppable wave of innovation. Technocentrism, this belief that in today’s society technology is a force unto itself, is pervasive. But, it takes technology out of context, forgetting that it is invented, used and discarded by humans – it is for us to decide whether and how we want to harness it. This is the basis of a new book by Per Strömbäck, Editor of Netopia.

During the event, Andrew Keen and Per Strömbäck discussed the findings of the this new book debunking some of the most common myths in the digital world.

Speakers

Netopia - Andrew KeenAndrew Keen
British-American entrepreneur and author
Author of Cult of the Amateur, Digital Vertigo & The Internet Is Not The Answer

 

Per StrömbäckPer Strömbäck
Editor of Netopia
Author of 21 Digital Myths

 

 

21 Digital Myths seeks to act as an antidote to a series of common fictions and distortions of reality such as:

21myths

> #1 Information Wants to Be Free
> #2 You Can’t Stop New Technology
> #3 Digitalization is a Force of Nature
> #4 Keep the Internet Open
> #5 Internet Providers Are Like the Post Office
> #6 Automation Kills More Jobs than it Creates
> #7 Freedom of Data as Freedom of Expression
> #8 Disruption through Technology
> #9 Competition is Only One Click Away
> #10 Europe Has Failed to Create Successful Digital Companies
> #11 Permission-less Innovation Made the Internet Great
> #12 Privacy Through Anonymity
> #13 Open is Always Better
> #14 Internet Brings Democracy
> #15 The Myth of Network Neutrality
> #16 The Myth of the Business Model
> #17 Society Can’t Keep up with Technology
> #18 The Internet Will Save News
> #19 The Myth of Freedom of Speech
> #20 It’s About the User Experience
> #21 Copyright Stands in the Way of Digital Revolution
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Book: 21 Digital Myths, Reality Distortion Antidote

Saturday, July 9th, 2016

On 11 July 2016, Netopia launched its book 21 Digital Myths, Reality Distortion Antidote at the Place de Londres Café in Brussels.

If you’ve ever had a conversation with someone who seemed to have all the answers about digital technology and who, with a smirk on their face, explained how they understand digital so much better than you, so your opinions don’t really count, or if you have the feeling something is not right but you can’t really put your finger on it, this book is for you.

Digital technology offers many opportunities, but none of them are inevitable; they are options for us to use. On the scrap pile of history are tonnes of useless technologies that never made it because we didn’t like them or because they had no use, sometimes unfairly, like the airship Hindenburg, that set such a bad example for Zeppelins in general but which are perfectly safe when filled with helium, not hydrogen, and sometimes justly, like the autogyro—a cross-breed of aeroplane and helicopter that had no practical function. Some technologies can be used for good or evil depending on how we choose to use them: splitting the atom in a bomb or for power; powder in guns or fireworks.

The word myth is useful as a tool to identify and see through some of the self-interested claims that masquerade as technological inevitabilities or benefits for the human race

And technology is inspired by art: without William Gibson’s Neuromancer, the Internet as we know it would have been something different. Arthur C. Clarke described communication satellites in the 1930s, long before the first launch into space. The idea that technology drives change is often called ‘technocentrism’. It takes technology out of context and sees it as a force unto itself. Only based on that idea can a book title, like Kevin Kelly’s What Technology Wants, make any sense. Technology is invented by humans, used by humans, and discarded by humans. It is what we want to do with it—how it helps our lives and societies—that determines which technologies fail or make history. These points are obvious, almost moot. And yet we often find ourselves in conversations like these, where technology is disconnected from humans as if it’s something you are expected to ‘understand’. This would be harmless if it weren’t for the fact that behind technocentrism lie powerful interests that want to harvest our data, share income between fewer and fewer people, disconnect from legal authority and democratic procedure, and disrupt our economies.

But the real problem is that we seem to accept the hype of technocentrism—despite many critical voices—and the idea that digital is a value in itself, a yardstick to decide which country is ahead in the competition, a template for reform embraced by policymakers. We think it’s a favour to us. If technocentrism were only an idea in the minds of some quirky inventors with propeller hats, that would just be cute, but today it is the modus operandi for the world’s highest valued companies. If you see a risk in that, this book is for you.

The word myth is useful as a tool to identify and see through some of the self-interested claims that masquerade as technological inevitabilities or benefits for the human race. I have 21 myths that I come across often, but this list is by no means complete. Neither is 21 the absolute number of myths, but just one possible collection; feel free to add your own. You can read this book from cover to cover or use it for reference when the digital myth alarm starts to sound in the back of your head. I hope that I can offer some new ideas, cases, and arguments to help you call digital’s bluff. And yes, you can love digital gadgets and be open-minded about technology without being a technocentrist. Or a Luddite, for that matter.

 

Read each individual myth here.

Watch the replay of the book launch event here.

 

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What Airports and Military Research Can Teach Us about the Future of the Internet

Friday, April 8th, 2016

Book Review: Splinternet. How Geopolitics and Commerce are Fragmenting the World Wide Web (OR Books, editor. 2016)

Scott Malcomson’s recent book Splinternet. How Geopolitics and Commerce are Fragmenting the World Wide Web is a great piece of contemporary history. Its aim is nothing less than to tell the story of the Internet – giving credit both to technology and politics, eccentric individuals and the anarchic cyberspace counter-culture of the 1980s.

Byproduct of military R&D

It doesn’t really come as a surprise, but it’s still amazing to read to what extent the Internet is, historically speaking, really nothing more than a mere byproduct of military R&D. Up to the very last steps within the process of technological evolution, every single improvement was made not with a great vision in mind, but just with the aim to meet immediate and basic needs. In Malcomson’s version of the Internet’s history, it all begins with the invention of early forms of Artificial Intelligence: computing devices which take over the work formerly performed by human ‘computers’ – people doing the math necessary for the employment of naval gunnery in the 1920s. The speed of the attacking and the target ship, the pitch and roll of the firing ship, distance to target and the speed and arc of the shell – all this had to be taken into consideration for fire control. Before the arrival of modern computing technology, firing tables were used to handle naval guns. Scientists like Claude Shannon, Vannevar Bush, George Stibitz, Norbert Wiener and many others joined forces with the military to construct first digital fire control, then anti-aircraft-systems. When, in the last days of World War II, the Nazis started their final aerial offensive on Britain, it was ‘the computer’ which prevented the destruction of the city of London by German V-1 rockets.

The Network

The second stage in the evolution of the Internet comes with the establishment of networks. At that time, in the early 1960s, gun technology had already been more elaborate. Instead of fire control on ships, the military was dealing with situations of Mutually Assured Destruction (MAD). In order to upheld military power even after an attack by thermonuclear weapons, stable communication systems were needed. Networks, which allow for the transmission of signals over a great variety of different routes, were the solution for this problem. The ARPANET was born – which laid ground for our Internet.

Splintering

Connecting the historical account of the World Wide Web with the recent debate about splintering is somewhat problematic.

All this is history – most of it: military history. Malcomson could as well have given his book the title The Internet. A Military History. Instead, he chose Splinternet. How Geopolitics and Commerce are Fragmenting the World Wide Web. Splintering (or fragmentation) stands for the division of the Internet (or, more narrowly, that part of the Internet which one accesses through Firefox or Chrome, which is the World Wide Web) into different compartments or “walled gardens” which are not well connected to each other. One contemporary case for splintering is censorship by nation states. At the recent World Internet Conference in Zhejiang, the Chinese president Xi Jinping claimed that countries should have the right to choose how to develop and regulate ‘their’ Internet – meaning the right to regulate what information is made available to the citizens. As it is well known, China is being heavily criticized for blocking major sites and censoring posts.

Splintering can also be the effect of interventions made for commercial reasons. The “filter bubble” (which stands for information shaped by personalized Internet-search and like-minded social media-communities) can be interpreted as one form of splintering. Operating systems, apps and online-platforms which exert control over the content delivered to the user are other examples.

There is no historical imperative!

Here comes the critique. If Malcomson would have chosen as a title “How the World Wide Web came into Existence as an Unintended Byproduct of Military Research” or “How the World Wide Web has never been a Universally Open Playground in the First Place” everything would be fine. But connecting the historical account with the recent debate about splintering is somewhat problematic.

First of all, it does not become clear what history has, after all, to offer when dealing with splintering. What’s the lesson? If there is one thing which the study of the past can teach, it is that there is no inbuilt teleology in the historical process. Things could have evolved in a very different way than they did! The Internet is a product of the military-academic-industrial complex? Be it so! This doesn’t tell anything about the way to go for the future. Just as there is no “technological imperative” (see Netopia-post “You can’t stop new ideology, there is no such thing as a “historical imperative”. (And, indeed: Contemporary issues on net neutrality or intermediary liability, which are the arenas where splintering is being debated today, are not even mentioned in the book. The reason for this might well be that the historical account just doesn’t offer many possibilities to connect with these issues.)

Fragmentation – really bad?

If one decides to follow the author in searching the roots for the current fragmentation of the Internet in its historical origin, one soon discovers that one question is totally missing: What’s bad about splintering? Everyone seems to agree that Internet-censorship by rather authoritarian governments such as China or Russia is not a good thing. But what about censorship against hatespeech in Germany? Opinions on this are controversial (see Netopia-post on the debate on Facebook-regulation in Germany). When Clyde Wayne Crews from the Cato Institute coined the term “splinternet” in 2001, he was rather enthusiastic about the idea to build a variety of separate networks. In his view, “splintering” is the way to go in order to escape regulation by the government: “’Splinternets’ where prespecified ground rules regarding privacy and other governance issues replace regulation and central planning may be superior” he writes.

The end of the free and open Internet – does it happen, indeed?

One last remark. In 1996, at the World Economic Forum, John Perry Barlow dashed off his famous declaration of cyber-independence, starting with the words:

“Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone… You have no sovereignty where we gather…”

Malcomson cites Barlow’s Manifesto in order to give his reader a glimpse at the short period of time, where indeed cyber-counterculture was ruling the Internet – a period, which in his view, has wrongly coined our view about was the Internet is about. (See here if you are interested in what Barlow thinks about his manifesto today). Surely: Government is back into the game. In some aspects, government authorities are responsible for “splintering” (such as in the cases of China or Germany). But, again: Should one be worried if the “governments of the industrial world” engage in setting rules for the Internet? In many cases, democratic governments are the only actors who can set limits to the way Google, Facebook, Amazon and Apple are shaping the Internet according to their commercial interest.

In his book, Malcomson describes the internet as a “global private marketplace built on a government platform, not unlike the global airport system”. He intends this to be a description of the historical situation. The point he misses (and which becomes almost invisible by framing the story in terms of “splintering”) is to discuss to what extent the airport-metaphor could indeed by a positive vision for the present: the Internet as a government-supported and government-ruled platform, where both liberties and constraints are defined by constitutional frames and democratic decision-making. Surely: this is not in line with the military past of the Internet. But, again: Who says that we can’t depart from the way history has prepared?”

Feeding the Google Dragon

Tuesday, April 5th, 2016

Apple vs FBI: Doing the Right Thing for the Wrong Reasons

Thursday, March 17th, 2016

For most, the Apple and the FBI row over access to a terrorist’s IPhone contact book is simple, Apple should provide it.

In December 2015, radicalised Islamic terrorists Syed Farook and his wife Tashfeen Malik shot 14 people and injured 22 others in San Bernardino.

FBI agents investigating the background to the incident having already opened two personal mobile devices belonging to the pair found they could not get into a work IPhone owned by the pair and asked Apple to open it. Apple declined, and the FBI obtained a court order demanding the company to comply with its request.

The problem for the company is that it is sitting at a crossroads in the history of technology.

Research by technology companies has found post Edward Snowden – the NSA whistle-blower who revealed the wholesale surveillance of mobile phone data around the world by the NSA and UK’s GCHQ – a trend for people to protect their data called Privacy as a Service developing alongside another service known as Security as a Service both seen as essential to the take up of cloud computing.

The problem for Apple is being seen to be a willing accomplice of the US Government something post-Snowden that cost the big US technology companies as customers pulled back from the cloud due to security and privacy concerns.

The problem for the company is that it is sitting at a crossroads in the history of technology.

It is a concern over US and UK Government activities that has seen the development of data safe havens in parts of Europe most notably in Helsinki and Berlin.

Indeed, in March 2016, Berlin hosted the Logan CIJ Symposium which included among its speakers Snowden and Julian Assange among many significant opponents of government communication surveillance.

Conscious of the appetite for privacy Apple, Facebook, Google, Linked-In, Microsoft and Yahoo all signed an open letter to President Obama asking him to scale back US Government surveillance and since have all indicated that they are unwilling to co-operate with it, not for moral reasons but because they can see it will impact on their profits.

Something that the UK Parliament’s Science and Technology Select Committee warned the UK Government over in February regarding its proposed Data Retention and Investigatory Powers Act.

While the implementation of the new EU directive on Data Protection, only a year away, will require that businesses should be clear about the reasons why they are collecting information and the purposes it is being collected for.

In spite of the caveats that governments have put into the legislation allowing them to ride rough shod over the principles in pursuit of criminals and terrorists, it is predicted this will increasingly be resisted and will be challenged legally. In the US the EU legislation is being examined with interest by groups who see it as the potential foundation for similar measures in America, the technology companies do not want to be seen to be on the wrong side in a battle to assert data rights.

So it is this fight over the rights to data in the information age that underlies Apple’s current response. As the public starts to become aware of the uses its data is being put to by technology companies and governments it will want more and more controls over the use of its data and protections for it, that limit its use.

More interestingly it will also demand a return from the collection and processing of its data and challenge organisations over whether the processing of data confers ownership.

In the 1980s, German people rebelled against increased census data demands from the German Government yet since willingly supplied more information to Facebook than the German Government had wanted – proving they wanted to give information to Facebook but did not trust the German Government with their data, or that it would use that data in their best interests.

So Apple is prepared to fight its corner as privacy supporters will say it was prepared to defend data on behalf of those who had agreed to its collection and use for the purposes it was to be used for.

Previous versions of the Apple phone were protected by a four-digit pin which allowed 10 attempts before wiping the phone. For investigators this proved to be no challenge and by attempting nine guesses and then powering the phone down they were able to break into phones within two weeks. It was also possible to get into the phones by connecting straight onto the processing chip. In the latest IPhone Apple remedied this by introducing a six-digit code which would take years to brute force and removing the power down reset facility, the phone is also wiped if any attempt is made to connect directly to the chip. The result if that the Apple phones are now virtually unbreakable unless the code governing access to the password system is rewritten disabling the software that allows 10 password attempts.

“The issue for Apple is that they are trying to force it to build a new operating system that they could put on a chip,” said Professor Andrew Blyth, an expert in computer forensics from the University of South Wales. “The idea is that the FBI can then install that on the phone so that it would disable the protection mechanisms around the password which would allow them to then brute force it in a a matter of hours.”

Thus we now have a stand-off and the stand-off is to see who blinks first, hacking experts say the US Government does not need a back door. If the US spends the time and money necessary it can break in, but the US Government wants to be seen to be more powerful than any technology firm and to establish that it has primacy over the ultimate collection and use of data. It would appear to be a point of principle; no one is above the law, but what will be interesting will be whether long-term it will be established that this includes Governments.

Apple is saying that the Government does not have the right to deal a mortal blow to its business by undermining its credibility, letting the whole world know that it’s data is not safe in an IPhone and making the systems a target for hackers because of the back door.

The result of Apple’s compliance will be businesses and consumers will not buy a product that they know is impugned.

Apple’s brand value is all. Apple owners do Apple’s marketing for them – letting the phone’s security be questioned means that competitors will point out that they may be pretty, but they are simply chocolate teapots. They look attractive and desirable but leak like hell.

The Gig Economy – Don’t Quit Your Day Job

Friday, March 11th, 2016

Steven Hill is an internationally renowned political writer and researcher. His latest book Raw Deal: How the ‘Uber Economy’ and Runaway Capitalism are Screwing American Workers deals with the “freelance society” and the impact of the sharing economy on the labour market and working conditions. We’ve talked with him in Berlin, where he is a fellow at the American Academy this spring.

Ralf Grötker: Where is the major difference between companies such as Uber or Taskrabbit, who like to present themselves as “just a website,” and more traditional temporal work agencies?

Steven Hill: Temporal work agencies used to give you a job for a couple of days or even a few months. With these new services, which I call the “gig economy,” it’s really just for an afternoon. But the way Uber conducts business is becoming more and more the dominant model. Take Upwork, formerly known as Elance oDesk. This company is a broker for freelancers, many of them in the creative sector. More than 10 million freelancers worldwide offer their services via Upwork. But the company itself has just a staff of 800 people—only one third of them being regular employees, the rest freelancers themselves. To many, Upwork represents the company of the future. I would rather call it the “lean and mean” style of conducting business.

Before the arrival of Taskrabbit and like companies, one used to hire a carpenter who was doing carpentry as a job and who was working on a regular labour contract. He had social security. But these days, you hire a contractor from an online service. He is not a member of a labour union; he operates without a safety net of social security and will make hardly more money than a minimal wage. Especially in the US, after the economy crashed in 2008, we see this happen. Good jobs are being replaced by bad jobs.

Or take a company like Spare5. Spare5 recruits freelancers for jobs that are so small that they can be done while waiting for the bus, such as manually labelling websites representing certain products, so that these products can be found easier by customers using search engines. Jobs—if you still want to call it that—are actually getting smaller and smaller. Communication technology makes this possible.

RG: How big is the “gig economy,” actually?

SH: There is a lot of debate in the US about this question. The Bureau of Labour Statistics says: The gig economy doesn’t really show up in our numbers. Other researchers think that in households and employer surveys, people are just not reporting that they have second and third jobs. Judging by the numbers of 1099 forms, which, in the US, employers file for their freelance contractors, the whole gig economy business has been going up by 20 percent in the recent past. The number of people filing for Schedule SE, which is for self-employment, at the Internal Revenue Service is also up by 20 percent.

The issue of wages, in my view, is tied to the globalization of trade and services and other trends.

RG: You propose to fix at least some of the problems of the “gig economy” with the introduction of an individual security account. The basic idea: If you hire a freelancer, you will have to pay a certain amount into a social insurance pot, in addition to the remuneration that the freelancer himself gets paid. Out of that, insurance, social security, healthcare, unemployment benefits, and injured workers compensations will be covered. Who should actually pay into these accounts: individual consumers or companies such as Uber or Upwork?

SH: Definitely the companies! At least in those cases, where they act not as a marketplace only but employ freelancers as contractors who are bound to the company’s own rules. It just would be too hard for the government to pass costs for security accounts directly on to consumers. Surely, those companies will also pass the cost of the individual security account on to the consumers. But that’s how it should be. Many of those consumers will be the people who are at the same time benefiting from the social security plan of the account. A rising tide will float all the boats.

RG: An Individual Security Account still doesn’t change anything about the very low income which very many freelancers make. Do you also have a solution for this?

SH: It’s right that the individual security account doesn’t change the income situation. There is not one fix to all of this. But still: There are two ways to increase the standard of living of a worker. One is to give him more money so that he can afford to buy what he needs. The other way is to lower the costs of the things he needs to buy. Healthcare, for sure, is among these things. If one manages to make the individual worker be part of a larger pool, then costs for health insurance can be drastically reduced. This way, he doesn’t need higher wages. Also: The issue of wages, in my view, is tied to the globalisation of trade and services and other trends. More and more, we are in competition with countries where wages are much lower. All this is fairly complex. That’s why I have chosen to focus on the individual security account.