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Euro zone: labour market still tight

Macro, Inflation, Emile Gagna
As in the United States, the labour market is tight in the eurozone. However, the nature of the tensions is quite different. While nearly 25 million jobs were destroyed at the height of the pandemic in the USA, the existence of job preservation measures (and the introduction of exceptional measures) in most European countries (short-time working in France, Kurzarbeit in Germany, ERTE in Spain, temporary unemployment in Belgium, etc.) prevented as many jobs from being lost as in the USA (graph 1).
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