Our unit labor costs have grown more than 10 % higher than those of our competitors. 3. Retirement of baby boomers means that our labor force is shrinking 0.5 % a year for still one decade ahead. 4. Due to the fall of the GDP, our public sector is bigger than our national economy can well finance in the medium and long term.
4  BIS central bankers’ speeches  During this autumn 2013 and spring 2014 the newly established SSM Supervisory Board first consults on and then adopts all the basic documents setting out the operation of the SSM, which would then start in the summer of 2014.