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.
We'll do it with the necessary patience – looking at the 2025 horizon for full transmission, with persistence – maintaining restrictive interest rates for long enough, and pragmatism – monitoring actual economic data. But once more, monetary policy cannot be the only game in town. Fiscal policies should adjust and consolidate, first and foremost scrapping energy subsidies as the European Commission rightly advocated yesterday ; wage negotiations and mark-up decisions by firms should incorporate the expected decrease in inflation; and still more, structural reforms are needed more than ever to increase the supply-side capacity and flexibility in Europe and in France.3 And  2/3  BIS - Central bankers' speeches  this is where Capital Markets Union would greatly help to finance investment and innovation, and hence reduce inflation. Let us acknowledge it: if we are lagging behind today in Europe, it's in this domain of supply transformations, and not in monetary policy. 1 Smets and Wouters (2005); see also ECB NAWM model presented in P. Lane's  lecture on 16/02/2023, "The euro area hiking cycle: an interim assessment". 2 Badinger and Schiman (2023), Measuring Monetary Policy in the Euro Area Using  SVARs with Residual Restrictions American Economic Journal: Macroeconomics 2023, 15(2): 279–305, or; see also ECB-BASE model. 3 François Villeroy de Galhau, Letter to the President of the Republic, « How France  and Europe will defeat inflation », April 2023. 3/3  BIS - Central bankers' speeches