[14] This should give encouragement to reforming countries to continue their efforts – and in particular those where high unemployment has persisted for so long that it has been allowed to become a social norm. But the challenge is not just moving people from unemployment into employment, it is also raising the size of the workforce – which is where participation comes in.
Designing such a scheme that takes account of these various principles is a complex task and work is at an advanced stage and will be completed over the weekend. The Central Bank, as part of the Eurosystem, is actively involved in the provision of significant liquidity to credit institutions.