12/3, 6:50 PM (Source: TeleTrader)
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Coeure: Unemployment receded to pre-crisis levels

European Central Bank's Executive Board Member Benoit Coeure said on Tuesday that unemployment in the euro area has practically receded to pre-crisis levels. He noted that "wages are growing at their fastest pace in more than ten years. And surveys document that the euro has never been more popular among the public than it is today."

Coeure warned that compared with the United States, European countries have, on average, larger shares of "static" companies and smaller shares of both growing and shrinking firms. He added that in the US, for example, around 70% of a shock to a state’s GDP is cushioned by financial markets, whereas in the euro area the share is closer to 20%. He says "a capital markets union could significantly help to diversify and reduce risk."

Breaking the News / TF