Structural unemployment has personal and social costs that go far beyond lack of income, creating a corrosive effect on social cohesion. So we need to sustain growth in increased productivity and employment.
BIS central bankers’ speeches  5  Indeed, sustained growth achieves four goals at the same time: (i)  Public debt sustainability  (ii)  External debt sustainability  (iii)  Increased per capita income level  (iv)  Increased employment  The reallocation of human resources between the non-tradable sector and the tradable sector is going to take time, requiring mechanisms to be strengthened or created to mitigate the effects of this adjustment on social cohesion.