1/4  BIS central bankers' speeches  Each country has its own unique features, but it’s true that, with the “Jobs Act”, Italy went further than France. What is more, this reform is starting to bear fruit. Several plans are also on the table for eurobonds, these European bonds whereby the risks are more or less shared among the member countries.
At the same time, monetary liquidity accumulated prior to the period of financial market tensions continues to be ample, with the potential to accommodate price pressures in the euro area. Looking at M3 components, the annual growth rate of M1 moderated further in May, whereas growth in other short-term deposits increased.