Euro area: inflation target will be achieved if unemployment continues to fall
The labor market in the euro area has been improving since 2013. Although the number of people in work exceeds 2008 levels, the number of unemployed is still over 3 million higher. This discrepancy is due to increased labor market participation as previously inactive people enter the workforce, be it as a result of improving job prospects, such as in Germany, or because the long recession has forced low-income households to look for earnings opportunities, as in Italy.
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