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of 2019. among others, see k. coombs, a. dube, c. jahnke, r. klunder, s. naidu and m. stepner, early withdrawal of pandemic unemployment insurance : effects on earnings, employment and consumption, american economic review, papers and proceeding, 2022 ; a. dube, early withdrawal of pandemic ui : impact on job finding in july using current population survey, blog post ; n. petrosky - nadeau and r. valletta, ui generosity and job acceptance : effects of the 2020 cares act, frb sf working paper, 2021 ; e. forsythe, l. kahn, f. lange, and d. wiczer, where have all the workers gone? recalls versus reallocation in the covid recovery, nber working paper, 30387, 2022. l. coraggio, m. pagano, a. scognamiglio and j. tag, jaq of all trades : job mismatch, firm productivity and managerial quality. once it starts, such a spiral is difficult to stop. having said that, right now policymakers must act promptly and forcefully to counter inflation so that, looking ahead, workers ’ purchasing power is effectively and durably protected. otherwise, this arrangement will be difficult to sustain. the eurosystem has clearly indicated its determination to do what is needed. structural issues ageing and migration in the euro area, labour force participation increased considerably in the past few decades. various factors contributed to this development, including higher statutory retirement ages and the inflow of migrants, which typically have high participation rates. 6 going forward, longer life expectancy calls for longer working lives. given the current and projected age structure of the population, however, it seems rather unlikely that increased labour supply among the elderly will fully offset the impact of ageing on the labour force in the next decades. from an economic standpoint, sustained migration can balance the effect of demographics on the labour force and ease the pressure on the labour market. this is already apparent in certain segments of employment, where migrant labour predominates. the issue of migration is highly politically charged in many countries, and it is not appropriate for me to take a stand on the broader political issue. what i think i can say here is that, whatever one ’ s political preferences, the structure of migration policies can, in practice, make a significant difference in terms of