The financial crisis may also adversely impact productivity and labour  2  BIS Review 26/2010  markets. Differing growth patterns are likely to lead to structural shifts in the global economy, both from “West” to “East” and at the national level. A major risk is that structural frictions might impede the necessary adjustments and lead to higher unemployment in the longer run.
The Reserve Bank’s dual mandate – of price stability and maximum sustainable employment – has ensured we remain cognisant of the impacts of our activities, and that our dual mandate  27 COVID-19 and the Labour Market: What can history tell us, Markham, S., Özbilgin, M., Robinson, F. RBNZ  Discussion Paper, 2020 (Forthcoming) 28 Regional Labour Market Spillovers, Haworth, C., RBNZ Analytical Note, 2020 29 Changes in employment levels in one region can affect other regions, though the impact varies around the country e.g.