Unit labour costs must be brought down substantially in the less developed regions, where both youth unemployment and the underground economy are present on a large and growing scale and where the labour force participation rate, particularly among women, is very low.
I believe that the SSM and the PRA should ensure information sharing and reciprocal 1/2  BIS central bankers' speeches  consultation while respecting independent supervisory decision making in each jurisdiction. Now I’m sure you are wondering what a split of responsibilities would mean for UK branches of German (and other SSM) banks. The truth is: we can’t really tell just yet.