iii See A. Agopsowicz, D. Brouillette, B. Gueye, J. McDonald-Guimond, J. Mollins and Y. Park, “Potential Output in Canada: 2018 Reassessment,” Bank of Canada Staff Analytical Note No. 2018-10 (April 2018).
The average unemployment rate in the Euro Area is at the same level as before the start of the pandemic and employment has almost returned to the pre-pandemic levels. Nonetheless, wage demands, and realized wage agreements continue to be relatively modest.