Of course, the surge in employment cannot be attributed solely to the euro. It also reflects corporate restructuring, the progress made on structural reforms and overall wage moderation in most countries. However, Europe is far from having exhausted its potential for further increases in labour participation rates and employment. Let me flag just a few facts.
The overall employment rate in the euro area remains modest by international standards – 65.7% in the euro area, compared with 72% in the United States – and the unemployment rate is still clearly too high – over 7% in the euro area.