This ratio has improved from its low point, but also remains lower than at any time between 1986 and 2007. (Graph) Even among those who have a job, there are signs that the economy is significantly underemploying our human resources.
So a credible stability-oriented monetary policy and flexible markets add up to a coherent framework for a dynamic economy. At present, low interest rates and ample liquidity are highly conducive to growth in the euro area. In the ECB Governing Council we are ready to support the economic recovery as long as this is compatible with our mandate of maintaining price stability.