During the first three years of EMU, some 6 million jobs have been created in the euro area versus 3.5 million in the US. The unemployment rate in the euro area has declined from almost 11% in 1997 to slightly more than 8% in 2001 (which is still too high).
Banking reforms: Given the central role of banks in the transmission of monetary policy, the BSP is also strategic in ensuring the resiliency of the banking system.