Figure 3 Evolution of the euro area Beveridge curve over the crisis  Part of the explanation for the movement of the Beveridge curve seems to be the sheer magnitude of the job destruction in some countries, which has led to reduced job-finding rates, extended durations of unemployment spells and a higher share of long-term unemployment.
This reflects, in particular, the strong sectoral downsizing of the previously  Altavilla, Carlo, Domenico Giannone and Michele Lenza (2014). “The Financial and Macroeconomic Effects of the OMT Announcements,” ECB Working Paper No.1707. BIS central bankers’ speeches  5  overblown construction sector (Figure 4), which, consistent with experience in the US, tends to lower match efficiency.