Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

ECB’s Liikanen Says Stable Prices Best Help to Job Creation

The European Central Bank’s best contribution to job creation is to ensure prices in the 17-country single currency area remain stable, governing council member Erkki Liikanen said.

“The functioning of the labor market and monetary policy are tightly intertwined,” Liikanen, who also heads the Bank of Finland, said in a speech in Tartu, Estonia, today. The central bank’s “primary objective remains to maintain price stability over the medium term. This is the best contribution of monetary policy to fostering growth and job creation in the euro area.”

The debt crisis has caused unemployment to increase in the euro area as waning demand prompts companies to cut jobs and pare spending. The Frankfurt-based bank’s benchmark interest rate is at a record-low 1 percent. The region’s economy will contract 0.3 percent this year before growing 1 percent in 2013, the European Commission forecasts.

The euro area has recovered about 1 million of the about 4 million jobs lost since 2008 and more than 20 percent of people aged 16 to 24 are unemployed in the region, Liikanen said. Young workers are the hardest hit as they are used as labor buffers when employers adjust the workforce, he said.

“Given the magnitude of the youth unemployment problem, European economies cannot afford to fail in relocating the unemployed young workers to new jobs,” Liikanen said. “Failure in this task would imply a lost generation and all the individual and macroeconomic costs that follow.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.