different stages in the monetary policy process does not correspond to how the forecasting and policy - making work is carried out since the new repo rate path was introduced. in their view, the changes have meant that, in practice, the actual interest rate decision has been brought forward. they therefore recommend that the riksbank should announce the monetary policy decision and bis central bankers ’ speeches interest rate path earlier, namely directly after the meeting of the executive board that is held a couple of days after the second monetary policy group meeting. however, we consider this proposal to be difficult to implement. although the analyses and forecasts are largely complete by the second monetary policy group meeting, the monetary policy decision is made at the monetary policy meeting and not before then. any reservations against the decision are put forward at this meeting, too, and not earlier. in conclusion, let me once again thank professors goodhart and rochet for their valuable contribution to our continued work on both monetary policy and financial stability. we will have many opportunities during the course of this work to discuss with the committee on finance how we can develop and improve our analyses. bis central bankers ’ speeches

hires ’ earnings in ireland ”, research technical paper, vol. 2016, no. 6, central bank of ireland. [ 28 ] for a review of these programmes, including evaluations of effectiveness, see “ labour market policy thematic review 2017 : an in - depth analysis of the impact of reforms on inequality ” and igees [ 29 ] card, d., kluve, j., & a. weber ( 2017 ) “ what works? a meta analysis of recent active labor market program evaluations ” journal of the european economic association, volume 16, issue 3, june 2018, pages 894 – 931. [ 30 ] according to the cso, between 25 and 31 % of pup recipients in q4 2020 were economically ‘ inactive ’ – in other words, not working, but also not available or looking for work. [ 31 ] this is because, as the oecd ( 2020 ) has pointed out, the likelihood of re - employment, including through almps, is typically higher for individuals that remain in the labour force ( aside from periods of inactivity due to re - entering education or training ). [ 32 ] the pandemic is accelerating pre - existing employment trends. for example, labour - saving automation in customerfacing settings - to meet public health measures during the pandemic - are unlikely to be reversed, even where they are not necessarily productivity improving. there is some evidence this may affect women especially hard. a recent brookings paper considered historical patterns of workers moving across sectors suggest a limited switching between sectors or occupations in the us. this could mean that considerable upskilling and re - training is required to prevent this sort of mismatch, and a permanent increase in the unemployment rate. [ 33 ] see for example covid - 19 : a backward step for gender equality, work, care, and gender across uk lockdowns & the gender gap and covid - 19 : evidence from eight advanced economies. [ 34 ] lambert, d., mccann, f., mcquinn, j., myers, s. & f. yao ( 2020 ). “ sme nances, the pandemic, and the design of enterprise support policies ”, financial stability note, vol. 2020, no. 8, central bank of ireland. [ 35 ] see speech and q & a by the president of the eurogroup and minister for finance, paschal donohue, td at the dublin economics workshop on