I would like to take this opportunity given to me to speak to you this afternoon to focus on the monetary and credit policy for the first half of 1997-98 which was announced a few days ago. It may be useful at the outset to review the major developments during 1996-97. 2.
However, the recovery of low-wage jobs continues to lag, many people are not working as many hours as they would like, and the large number of people who have been unemployed for more than six months remains a concern. 1/3  BIS central bankers' speeches  Slack remains in the labour market.