1  The implications of global and regional integration for policymaking have been much studied in recent decades. Indeed, I spent 2002-2008 as Director of the Institute for International Integration Studies (IIIS), which aimed to provide multidisciplinary perspectives on the myriad policy challenges associated with cross-border integration. The work of the IIIS is archived at http://www.tcd.ie/iiis.
That said, the figure also shows that labor market slack at present is so large that even a very large and favorable forecast error would not change the conclusion that slack will likely remain substantial for quite some time.