Underemployment is even growing further in weaker labour markets, such as those in France and Italy. The still weak labour market in many regions of the euro area is one of the most severe ongoing repercussions of the recent financial crisis and an indication that the recovery is not yet strong enough.
So the benefits of us working together to share experience and build practical guidance are monumental. We have now reached the point that we need to move. Move from bold statements to boring but crucial details. From sweeping visionary speeches to the nuts and bolts of the technical eng ine rooms of central banking and prudential supervision.