Banking supervision in Europe has always evolved to keep pace with developments and changes in the financial sector and, in parallel to the market, has in a sense followed its own internationalisation strategy. To start with, the harmonised banking supervisory regulations characterised by mutual recognition within the framework of the European principle of home-country control are a key factor.
From figure 14, we can see some outward shift in the relationship between job vacancies and unemployment, consistent with some increase in structural unemployment since the onset of the recession.