ECB (2000a), The switch to variable rate tenders in the main refinancing operations, Monthly Bulletin, July 2000, pp. 37-42. ECB (2000b), The two pillars of the ECB’s monetary policy strategy, Monthly Bulletin, November 2000, pp. 37-48. ECB (2001), Why Price Stability?, First ECB Central Banking Conference, November 2000, http://www.ecb.int/home/conf/cbc1/cbc1.htm ECB (2003a), The ECB’s Monetary Policy Strategy, ECB Press Release, 8 May 2003, http://www.ecb.int/press/03/pr030508_2en.htm.
This is evident in Graph 3, which shows that the decline in employment has been largest for occupations with the lowest hourly earnings, while employment has actually increased for occupations with the highest hourly earnings. The difference in experience is striking.