a satisfactory level. the main reason for the delay and weakness of the improvement in the labor market despite the results taken in the other fields of economy are the structural problems in the labor market. agricultural sector leads the list of these structural problems. a rapid transition process is experienced from the agricultural sector to the sectors other than agriculture as a result of the structural change that the economy goes through. the share of the agricultural sector in total employment decreased from 38 percent in 2001 to 28 percent in september 2006. it is expected that the transition from the agricultural sector to the sectors other than agriculture within the process of structural change in our country will continue in the coming years additionally, high employment taxes observed in the sectoral structure of employment restricts the rise in employment on the one hand ; and causes employment to shift to unregistered activities on the other. the increase in the unregistered employment prevents the increases in employment to be permanent and increases volatility. working age population keeps growing due to the high rate of population growth in our country. the limited educational facilities to meet the labor power having the demanded qualifications vis - a - vis the increasing working age population and the lack of labor possessing the qualifications compatible with the structural change in the economy are the other problems detaining the possible improvements in the labor market. all these problems prevent the unemployment rates to fall in a speed parallel to the increase in employment. however, the problem of unemployment having social consequences besides economic ones renders the solution of this problem inevitable. therefore, long - term supply - side policies should be put into effect in order to find a permanent solution to the problem of unemployment. in this respect, via ensuring the implementation of active policies to create employment and providing resources for new investments, the investment atmosphere should be improved by strengthening the relationship between the real and the financial sector. additionally, educational policies oriented towards increasing the labor power compatible with the labor demand should be put into effect. besides, having the unregistered employment registered, should be given priority because it leads to unfair competition and this necessitates decreasing the taxes and other burdens on employment gradually. dear guests, finally, i wish to briefly mention current account deficit, which frequently occupies the agenda. current account deficit is one of the sensitive points of the turkish economy. with a retrospective look, we see that current account deficit grew faster in the periods when growth rate accelerated due to the structural peculiarities of the turkish economy. the periods when the current account deficit

statement surrounding this and earlier monetary policy decisions are available on the ecb website. [ 6 ] see ahn et al., 2017, kaplan et al., 2018, auclert, 2019 and kopiec, 2019 for examples of implications for policy effectiveness. slacalek et al., ( 2020 ) also discuss the sensitivity of household exposure to interest rate changes and labour income fluctuations on the transmission of monetary policy. [ 7 ] arrigoni s., boyd l., and mcindoe - calder t., ( 2022 ). household economic resilience. quarterly bulletin 4 – signed article. central bank of ireland. [ 8 ] hfcs data collected by the central statistics office in the second half of 2020. ©2022 central bank of ireland