However, skill mismatch indicators – which quantify the difference between skills wanted and 3/7  BIS central bankers' speeches  skills offered – still remain at elevated levels, with only a slight moderation compared with the record levels at the height of the financial crisis.11 But skill mismatches are not just a consequence of the crisis.
But parts of the banking system remain overstretched and this needs to be addressed in order to move decisively out of the crisis. Similarly, structural reforms need to be undertaken in order to restore the competitiveness of euro area economies. Only such reforms can deliver a lasting reversal of the fragmentation phenomena that the euro area has witnessed.