However, there would no doubt be differences of opinion regarding the nature of that role. Some would say that the ECB is a villain who picks savers’ pockets, who redistributes risk and wealth. Others would say that the ECB is a reluctant hero: when others fail, it reluctantly steps in and saves the world – or at least the euro area.
In May, the number of persons aged 16 to 64 who wanted to work but who did not have jobs was 9.7 million on a seasonally adjusted basis, slightly more than 5½ percent of the working-age population. This percentage is a record low for the series, which first became available in 1970.