This partly reflects the impact of past structural reforms, such as to pension systems. Indeed, the participation rate of people aged 55-74 has almost doubled, from around 20% in 1999 to 38% in 2017. The share of women in work has also risen by more than 10 percentage points since the start of EMU to almost 60% – its highest level ever.
In addition, countries that have implemented structural reforms have in general seen a rise in labour demand in recent years compared with the pre-crisis period. Germany, Portugal and Spain are all good examples. 2/6  BIS central bankers' speeches  The second consideration that points to the resilience of domestic demand is the strong link between consumption and job growth in the euro area.