With the number of employees increasing at a relatively high pace, the active job openings-to-applicants ratio has been 1.34, marking the highest level seen since 1991, while the unemployment rate has been 3.2 percent, the lowest level seen since 1997 (Chart 3). Furthermore, the employment conditions DI in the March Tankan indicates that many firms feel that there is a shortage of labor.
On the other hand, we must recognize that there is no “one size fits all” approach to how soon countries should give up their independent monetary policy – a decisive macroeconomic tool – in favor of joining monetary union. Also, public support for such a move differs across CESEE countries although it has become increasingly favorable. Ladies and gentlemen, let me conclude.