How can  2  BIS central bankers’ speeches  they avoid repeating past mistakes in the form of excessive wage and salary increases in future? Because that is the only way to restore and maintain price competitiveness. What is more, in some countries rigid labour markets are in need of reform.
In particular, the disturbingly high level of youth unemployment in the crisis-hit countries shows the urgent necessity of reforms in this area. Without reform, young people will be denied the prospects they desperately need after obtaining their school or university qualifications. We must make it easier for them to enter the labour market.