6  BIS central bankers’ speeches  Conclusion In summary, the economic recovery has fallen well short of restoring labor market conditions to historically typical levels. Given the elevated rate of unemployment and the large number of individuals who are experiencing long spells of unemployment, both fiscal and monetary policymakers should be considering a wide array of approaches for promoting job creation.
In my view, the deployment of our monetary policy tools needs to be carefully gauged, appropriately timed, and clearly communicated to the public.