In general, individuals who permanently lose their previous jobs take longer to become reemployed than do those on temporary layoff, are more likely to have to change industries or occupations to find a new job, and earn significantly less when they become reemployed.10  8  Mean annual poverty rate for all people, U.S. Bureau of the Census.
The key institutional reforms for the new EMU architecture are the following: the creation of a framework for incentivizing structural reforms and aligning national and EMU priorities by placing more emphasis on the links between financing via European Union (or euro area) instruments and initiatives, on the one hand, and reform implementation, on the other; the completion of the Banking and Capital Markets Union; the creation of a central fiscal-macroeconomic stabilization function; the adoption of a European Safe Asset; the transformation of the ESM into a European Monetary Fund; the creation of a euro area Treasury; and an increase in the accountability of European Institutions to the European Parliament.