The shock to the Eurozone job market in 2020 was considerable. Hardest hit were southern countries, young people and women. We discuss below these various factors of market fragmentation in the largest Eurozone countries.
In addition to aggregate employment figures, major central banks are looking more and more closely at the structure of employment (by gender, skills and country), as excessive job market fragmentation could undermine medium term price stability. This includes the ECB. The lack of convergence could be one justification for keeping monetary conditions accommodative for a long time to come.
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