National unemployment rates range from 2.8% in Luxembourg and 3.2% in the Netherlands to 15.7% in Spain. Some countries, particularly those with more flexible labour markets, more moderate wage increases and better tax and social security policies, have managed to avoid the trend of ever-rising unemployment. For example, the Netherlands, Ireland and Portugal all currently show unemployment rates well below the euro area average.
Today is the 11th time that the Governing Council has met outside Frankfurt, and I would like to thank President Weber for his invitation and hospitality. Let me also express our gratitude to the staff of the Deutsche Bundesbank for their excellent organisation of today’s meeting. Let me now report on the outcome of today’s meeting, which was also attended by Commissioner Almunia.