These factors have contributed to persistence of high rates of unemployment. In the first quarter of 2016 the official unemployment rate increased to 26,7 per cent. Annual losses in employment have been recorded in the manufacturing, private households, electricity, agriculture and transport sectors. Youth unemployment remains a serious challenge, having increased markedly to 54,5 per cent in the first quarter of 2016.
To give two examples, regulators need to tighten up disclosure requirements for markets in which structured financial products are traded and strengthen reporting requirements for unregulated institutions which are relevant for systemic stability. •  Third, it is important to reduce the pro-cyclicality of the financial system, namely its potential to amplify business cycle fluctuations and trigger financial instability.