The second issue relates to the atypically low growth in manufacturing employment: during the decades of the 1980s and 1990s, output growth in industry far exceeded that in employment. This experience is also quite different from that of the East and South-East Asian countries. Thus, there have been neither demand pressures for labour in urban areas, nor supply of excess labour from rural areas.
… Before concluding, let me come back to an important issue I already touched briefly - central bank independence. What does the European Union mean by “central bank independence”?