The first pass here is pretty clear. Unemployment remains painfully high, and in my opinion, well above the long-run structural rate of unemployment. Moreover, smoothing through the ups and downs of incoming data, it appears that the economy is growing at a pace such that, absent policy action, progress on reducing unemployment will likely be slow for some time. 1  See Bernanke (2012).
Radovan Jelašić: The National Bank of Serbia – accomplishing its objectives Speech by Mr Radovan Jelašić, Governor of the National Bank of Serbia, on the occasion of consecration of the new office building of the National Bank of Serbia, Belgrade, 10 October 2006.