Structural questions have been brought to the fore during the British Presidency and there have been somewhat more concrete discussions in various committees about how to get Member States in step here as well. One approach involves finding good examples in different fields, just as in the case of employment, and analysing the structural problems of each country. This process generates what the British call peer pressure, which can also contribute to the desired national changes coming about. Once again, however, the decisions in this field largely have to be made at national level. But to perhaps an even greater extent than with fiscal policy, the major benefits of a successful national policy will accrue to the country in question. By itself, this seems hopeful and should facilitate changes. At the same time, the political resistance in most EU countries is strong. Some believe that the very fact of monetary union will generate desired reforms in labour markets. Possibly but not necessarily - when high unemployment rates in recent decades in many EU countries have failed to produce changes, why, it may be asked, would monetary union be more successful? In conclusion, I consider that much work at EU level will be invested in political education and a search for methods to gain support for changes in this field. But I do not foresee the same pressure in the joint processes as in the case of fiscal policy; there is less need of a common approach.
As a  1  We have been tracking these developments using data our economists have developed to help us better understand the job prospects facing recent college graduates. These data are available on our website and are updated regularly. See The Labor Market for Recent College Graduates. BIS central bankers’ speeches  5  result, for the first time during this recovery, both unemployment and underemployment among recent college graduates has generally been falling. This means that, not only has it become easier to find a job upon graduation, but more college graduates are taking jobs that better utilize their degrees. In addition, starting salaries for recent college graduates have been increasing for the past couple of years, reflecting the growing demand for their skills in a tighter job market. To conclude, while there are economic challenges facing both the nation and the region, I am optimistic that we will continue to make progress on both fronts over the next few years. Achieving our dual mandate of maximum sustainable employment and price stability will help those who will graduate soon to achieve their own aspirations. Thank you for your kind attention. I would be happy to take some questions. 6  BIS central bankers’ speeches