And it is these same groups that have experienced the largest decline in variability with the adoption of inflation targeting. So the benefits of greater stability have been shared across the workforce, and workers with the largest fluctuations have seen the greatest improvement. Better labour market outcomes over the past 20 years have also been accompanied by improved labour market efficiency.
This is a challenge the Board of Directors have to address in order to ensure that the incentives of the management are aligned with the interest of depositors and other stakeholders.