Thus, the willingness of workers in recent years to trade off smaller increases in wages for greater job security seems to be reasonably well documented. The unanswered question is why this insecurity persisted even as the labor market, by all objective measures, tightened considerably. One possibility may lie in the rapid evolution of technologies in use in the work place.
Central bank cooperation in challenging times calls for resolute action The coming years are likely to be just as challenging as recent years. Central banks will be required to act as anchors of monetary and financial stability in a rapidly changing world. The Eurosystem central banks are cooperating in banking supervision, financial stability, internal audit and in many other fields.