In this context, it is notable that for the past nine months, employment growth has been strong enough to keep the unemployment rate broadly steady, even though GDP growth has been below average. The third factor assisting with the transition is the low level of interest rates. The effects are perhaps clearest in residential construction which increased by 8 per cent in 2014.
SPEECH  The digital euro: our money wherever, whenever we need it Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament Brussels, 23 January 2023 Our investigation into a digital euro started more than a year ago.