This does not mean that unemployment would continue to increase because we may have enough growth to push 2  BIS central bankers’ speeches  down unemployment to more healthy levels. There is growth (1.5% in euro area, 2.5% in US) and this can accelerate, depending on the international environment.
But we will not see the same sort of potential growth as before for a while. Could Europe experience what Japan has experienced? I don’t think so. The development in wages will be always different from Japan.