Turning to the household sector, labor market conditions have tightened and the employment situation has improved, as seen in the unemployment rate declining to around 3.5 percent. Consequently, in fiscal 2013 – during the year after the implementation of QQE – the number  2  BIS central bankers’ speeches  of employees increased in particular.
We have this for the Single Market in goods and services, where the rules are laid down by EU legislation, the Commission oversees them, and it has various instruments, like infringement proceedings, to enforce its decisions. And we now need to build a similarly effective regime for the Single Market in capital.