challenges over the next eight years for all of us. so it ’ s good to have that kind of retreat and that time to have some informal discussion. i know a lot of people are curious about how maybe the structure and the operational side of decision - making at the european central bank could potentially change. i know there are a lot of voices – especially amongst the fresh blood that is coming in – of wanting it to look a little bit more like the fed or like the bank of england. do you see that kind of openness coming into play when decision - making is made going forward? do you see that playing a role in the way europe looks at the european central bank? there ’ s a lot in that question. let me differentiate between the formalities of decision - making, where the tradition – i think it ’ s a very strong tradition – is, where we can, to make decisions by consensus. and actually, most of the time monetary policy is not that divisive. most of the time i think we can achieve that. but what is true is, when you have different voices, new voices, how do you have a debate that adds light as opposed to noise? because it ’ s not a good idea to have – in any system – signals which are hard to interpret. it ’ s very important for monetary policy that there ’ s a clear narrative, there ’ s a clear understanding of what we ’ re up to. and so i do think, collectively, it ’ s fine to elaborate where you have a different point of view. but we also have to emphasise that we also make decisions. so we ’ ve got a decision, and i think it ’ s important to say the most important element of that decision was achieved by consensus. the most important element of the decision in september was : we need to add extra 1 / 5 bis central bankers'speeches accommodation in our monetary policy, that inflation is too low and we need to demonstrate our commitment to having inflation move back towards its target sooner rather than later. after that, the details of which instruments we use, of course, with 25 members and … you can ’ t really have consensus. … many choices, there is going to be a range of views, but all of that is secondary to the fact that there was consensus that a monetary easing of some type was needed. well, let ’ s talk a little bit about where there is no consensus and there is no clarity – which would be

is a fundamental right enshrined in the treaty on the functioning of the european union. but how much use do citizens make of this right in practice? since the enlargement of the european union ( eu ) in 2004, labour market mobility has certainly risen, albeit from very low levels. 3 [ the number of eu workers residing in another eu country rose from 4. 7 million in 2005 to 8 million in 2013, representing an increase from 2. 1 % to 3. 3 % of the total labour force. ] the crisis boosted intra - eu mobility. some studies suggest that the migration response to the crisis might have been even stronger in the eu than in the united states. 4 this is quite remarkable given that the united states is often taken as a benchmark for mobility. moreover, it has sizeable macroeconomic effects : estimates suggest that post - enlargement mobility flows over the period 2004 – 09 increased the gdp of the eu15 by around 1 %. the impact on the gdp of major destination countries for migration, such as ireland, spain, italy and the united kingdom was even higher. increased labour mobility is certainly good news – both for originating and destination countries. another piece of potentially good news is that the level of education that migrants ad hoc task force of the european system of central banks, “ comparisons and contrasts of the impact of the crisis on euro area labour markets ”, occasional paper series, ecb, frankfurt am main, forthcoming. oecd economic surveys : european union 2014, http : / / www. oecd. org / eco / surveys / economic - surveyeuropean - union. htm. jauer, j., liebig, t., martin, j. and puhani, p., “ migration as an adjustment mechanism in the crisis? a comparison of europe and the united states ”, oecd social, employment and migration working papers, no 155, http : / / www. oecd. org / eu / adjustment - mechanism. pdf. bis central bankers ’ speeches bring to their destination countries has improved. with highly - skilled people willing to move for work, skills shortages in destination countries could be compensated for by workers emigrating from other countries. at least, this is how it should work ideally. what is worrying, however, is that many intra - eu migrant workers are employed below their skills level. the resulting underutilisation of human capital shows that reforms are needed to improve the