Yes, but it’s not the job of the ECB to give lessons to or to go into detail about what this or that government must do, because we don’t do politics, that’s not for us. We have a mandate which is very simple, which is to bring inflation in the euro area back towards 2%.
If the cyclical component is abnormally large, relative to the unemployment rate, then it might be seen as an additional contributor to labor market slack. Labor force participation peaked in early 2000, so its decline began well before the Great Recession. A portion of that decline clearly relates to the aging of the baby boom generation.