BIS central bankers’ speeches  3  Lessons of the crisis for European integration Without retracing all the steps that have characterised the last few months, some important aspects can be highlighted that can help us understand how Europe will evolve in the future.
Vacancy rates across the euro area are significantly higher than before the pandemic, which is consistent with firms reporting continued strong employment demand ahead (Slide 6, right-hand chart). These developments will add to pressure on wages as our economies continue to reopen.