Therefore, it is vital to have a well thought-out strategy for the timing and manner with which structural reforms are instigated. To conclude, the central theme running through the paper is to point to the intricacy of achieving monetary and financial stability while at the same time maintaining the delicate balance of short run stabilization efforts and long run structural reforms. This is perhaps the toughest challenge for emerging market. But despite the challenge, the overall direction of change in emerging market economies to date is fundamentally reassuring. Much has been achieved in term of strengthening the monetary framework and financial system development. Thank you. BIS Review 89/2007  7
Chart 7: Percent of population with at least an undergraduate degree (or equivalent) (2015)  Chart 8: Unemployment rates (2016)  Source: ONS Annual Population Survey; Bank calculations. Source: ONS Labour Market Statistics; Bank calculations. 18  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  18  Chart 9: Youth (16-24) unemployment rates (2016)  Chart 10: Working age mortality rates, males (2014)  Source: ONS Labour Market Statistics; Bank calculations. Source: ONS Mortality Figures for England and Wales, Scotland and Northern Ireland; Bank calculations. Chart 11a: Real GDP per head growth (2008 to 2014)  Chart 11b: Scenario - Real GDP per head growth (2008 to 2014), without monetary stimulus  Source: ONS; Bank calculations. Source: ONS; Bank calculations. Notes: See footnote 16. 19  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  19  Chart 12a: Change in unemployment rates (2008 to 2016)  Chart 12b: Scenario – Change in unemployment (2008 to 2016), without monetary stimulus  Source: ONS Labour Market Statistics; Bank calculations. Source: ONS Labour Market Statistics; Bank calculations. Notes: See footnote 16. Chart 13a: Growth in median net wealth (2006/8 to 2012/4)  Chart 13b: Scenario - Growth in median net wealth (2006/8 to 2012/4), without monetary stimulus  Source: ONS Wealth and Asset Survey; Bank calculations. Source: ONS Wealth and Asset Survey; Bank calculations. Notes: See footnote 16.