Well, the labour market is very tight—much stronger than it was then. The unemployment rate is at a record low of 5.2% (Chart 5). Total employment and hours worked are well above pre-pandemic levels (Chart 6). Our most recent Business Outlook Survey showed that labour 2/5  BIS central bankers' speeches  shortages are widespread and that many firms are struggling to fill vacancies.
Some of these concerns are now being realised as acute fiscal and financial strains in Europe have triggered a generalized retrenchment from risk-taking and could yet prompt more severe dislocations in global funding markets. In response to uncertainties in Europe and the evidence of slowing global growth, equity and commodity prices have fallen significantly, and financial market volatility has increased markedly.