It is therefore critical to make progress in this area. In this context, we also need to reflect on how to ensure a fair loss allocation. While our choice can be guided by the basic premise that those taking the decisions should also be responsible for any losses, it is not always clear where we should draw this line.
The news from the labor market over the past year has been generally good, with significant job gains, the unemployment rate declining below 5 percent, rising household incomes, and tentative signs of faster wage growth. At the same time, recent signs of a slowdown in job creation bear close watching.