But given the prolonged period of low interest rates in the euro area over the past couple of years, these issues must also be addressed by monetary policy makers in the Eurosystem. Here, the Eurosystem’s monetary policy strategy already possesses, in the shape of its monetary analysis, such a stabilising element, which is especially suited for the analysis of long-term developments.
With these gains more than sufficient to absorb trend growth in the labor force, they have led to gradual increases in resource utilization. At 5.1 percent in September, the unemployment rate has declined 1/2 percentage point since December.