We know that in some sectors and occupations – in health, IT and construction – migrants ll up to half of all job vacancies.25 However, the report also cautions that in the past when inward migration played a key role in the pre-crisis period, this coincided with EU enlargement. Looking forward, the source of migration is less clear.
A question that naturally arises is: “Did the stabilisation of the nominal side of the economy come at the expense of developments on the real side?” As I will now discuss, empirical evidence clearly rejects such a notion along several dimensions.