Removing rigidities in the labour market, lowering the administrative burden and strengthening competition in product markets will particularly support small and medium-sized enterprises. These structural reform measures are essential to bring down the currently high level of unemployment, in particular among the younger citizens of the euro area. We are now at your disposal for questions. 2  BIS central bankers’ speeches
In the era of knowledge-propelled globalization, it is possible for countries to overcome handicaps of geography by exploiting their comparative advantage in human resources. That blue-collar jobs shift across geographic boundaries in pursuit of cheap hands has long been part of conventional wisdom. But what is new is that increasingly white-collar jobs, once considered safe from foreign competition, are now being offshored.