While above-trend growth of the labor force and employment cannot continue indefinitely, there nonetheless appears to be scope for some further improvement in the labor market. The unemployment rate is still a little above the median of Federal Open Market Committee (FOMC) participants’ estimates of its longer-run level, and involuntary part-time employment remains elevated relative to historical norms.
European financial integration, in which the ECB has such a strong interest, is indeed one area where academics and practitioners could usefully benefit from closer cooperation. Thank you for your attention. 10  The statistics underlying the financial integration indicators can be accessed on the ECB’s website at http://www.ecb.int/stats/finint/html/index.en.html. The indicators will be updated semi-annually.