Continued structural reforms are needed to accelerate growth, create more jobs, and boost both productivity and wages – not just in Greece but in other euro area countries, too. By the way, we in Germany should not be content to merely ride the wave of the successful labour market and social reforms implemented in the 2000s.
The sharp rise in people-per-dwelling in Auckland in 2014 highlights that home building remains well below the level required to accommodate the rising population. We estimate the shortage of houses in Auckland has increased over the past year to between 15,000 and 20,000 houses. 2  2  This is based on an assumed trend of 2.9 people-per-dwelling.