The number of firms perceiving their holdings of labor as insufficient has already exceeded the number perceiving them as excessive, indicating that firms perceive a tightening of the labor market. This tightness is also evidenced by the ratio of job offers to applicants, which has exceeded 1.00.
The experience with macroprudential instruments is still limited, and the toolkit is still incomplete. Second, the crisis has vividly demonstrated how financial instability affects inflation developments and the capacity of the central bank to safeguard price stability. Therefore, monetary policy would be wise to take the implications of financial imbalances for price stability into account.