While structural factors have clearly and importantly affected each of these three trends, some portion of the decline in labor force participation resulting from these trends could be related to the recession and slow recovery and therefore might reverse in a stronger labor market.9 Disability applications and educational enrollments typically are affected by cyclical factors, and existing evidence suggests that the elevated levels of both may partly reflect perceptions of poor job prospects.10 Moreover, the rapid pace of retirements over the past few years  7  For convenience, the analysis here is presented as if cyclical factors and structural factors can be neatly delineated.
The balance sheet assessment will hence be carried out in accordance with uniform guidelines. All institutions will be examined by the same methods. That is why we also have external consultants on board. Moreover, the supervisory teams in the countries will be linked to each other. The benchmark will not be a capital gap, the capital requirement? What else will it be?