Chart 3 …but growing signs of shortages in labour markets  Importantly, improvements in the labour market have not been confined to headline unemployment. Over the past few years we have observed a marked decline in the number of discouraged workers and underemployed part-time workers (Slide 3, left panel).
*  *  *  Good morning, Excellencies, Ladies & gentlemen, Y.E. Mar Gudmundsson, Governor of Central Bank of Iceland, The Honorable, Josef Tošovský, Chairman of the Financial Stability Institute of the BIS, Y.E.