Reuters logo
ECB's Constancio frets over euro zone's labour market slack
October 13, 2017 / 3:14 PM / 9 days ago

ECB's Constancio frets over euro zone's labour market slack

WASHINGTON (Reuters) - Broad measures of euro zone unemployment remain high, even if the bloc has created more than 7 million jobs since the beginning of its economic recovery, European Central Bank Vice President Vitor Constancio said on Friday.

FILE PHOTO - European Central Bank (ECB) President Mario Draghi (R) and Vice President Vitor Constancio address a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017. REUTERS/Ralph Orlowski

The unemployment rate in the 19 countries sharing the single currency, when including measures such as part-time workers who are seeking more hours and people discouraged from working for various reasons, remains around 17 percent to 18 percent.

That is holding back wage growth and keeping a lid on inflation, Constancio said in a presentation on the sidelines of the International Monetary Fund and World Bank fall meetings in Washington.

He added that while the euro zone’s economic recovery is broad-based and consolidated, raising inflation back towards the ECB’s target of nearly 2 percent is “quite difficult” given the labour market slack.

Reporting by Balazs Koranyi; Editing by Paul Simao

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below