3  Chart 4  Household Sector Private Consumption  Employee Income 4  y/y % chg.  108  2  106  0  104  -2  102  s.a., CY 2011＝100  Total cash earnings -4  100 Number of employees  -6  Consumption Activity Index (travel balance adjusted, real)  98  Employee income  96 CY10  -8 06 07 08 09 10 11 12 13 14 15 16 17  11  12  13  14  15  16  Notes: 1.
Yves Mersch: Bridge Forum Dialogue Introduction by Mr Yves Mersch, Governor of the Central Bank of Luxembourg, to the speech by Vaclav Klaus, President of the Czech Republic, at the Bridge Forum Dialogue conference, Luxembourg, 8 March 2006.