Of course, a labor market that is slack and improving only slowly is likely to produce continued slow growth in nominal wages, contributing to continued moderate growth in costs. Why has the labor market remained relatively weak, despite increasingly rapid growth in output? I addressed the causes of the “jobless recovery” in an earlier talk (Bernanke, 2003).
It would be surprising if smaller institutions were not also able to improve the way in which they depict climate risks in their risk management. In the European Union, the Corporate Sustainability Reporting Directive (CSRD) is helping to provide the necessary basis of information. Previously, only enterprises with 500 employees or more were subject to reporting requirements in this regard.