11 As a result, as Figure 6 shows, nominal compensation per employee continued to rise in Spain until the third quarter of 2011, despite a more than 12 percentage point increase in unemployment in that time. In Ireland, by contrast, downward wage adjustment began already in the fourth quarter of 2008 and proceeded more quickly.
Looking ahead, it is key that the macroeconomic surveillance framework in the euro area, which was significantly strengthened in the wake of the sovereign debt crisis, is implemented fully and in a consistent manner. We are now at your disposal for questions. BIS central bankers’ speeches  3