The Italian Chamber of Commerce organised a conference in September on 'Europe 1993: hope and disillusions'. In a speech to this conference, the Deputy Governor argued that until supply-side reforms were in place, the out look for European employment would remain depressed. A combination of effective macroeconomic management and essential microeconomic reforms would offer the best chance of reducing unemployment: any short-term macroeconomic stimulus not accompanied by supply-side measures would generate inflationary pressures and so set back the chances of a lasting improvement in European unemployment.
Europe 1993: hope and disillusions