annual population survey ; bank calculations. source : ons labour market statistics ; bank calculations. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 9 : youth ( 16 - 24 ) unemployment rates chart 10 : working age mortality rates, males source : ons labour market statistics ; bank calculations. source : ons mortality figures for england and wales, scotland and northern ireland ; bank calculations. chart 11a : real gdp per head growth ( 2008 to 2014 ) chart 11b : scenario - real gdp per head growth ( 2008 to 2014 ), without monetary stimulus source : ons ; bank calculations. source : ons ; bank calculations. notes : see footnote 16. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 12a : change in unemployment rates ( 2008 to 2016 ) chart 12b : scenario – change in unemployment ( 2008 to 2016 ), without monetary stimulus source : ons labour market statistics ; bank calculations. source : ons labour market statistics ; bank calculations. notes : see footnote 16. chart 13a : growth in median net wealth ( 2006 / 8 to 2012 / 4 ) chart 13b : scenario - growth in median net wealth ( 2006 / 8 to 2012 / 4 ), without monetary stimulus source : ons wealth and asset survey ; bank calculations. source : ons wealth and asset survey ; bank calculations. notes : see footnote 16. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 15 : growth in average weekly pay ( 2008 to 2016 ) chart 16 : uk, us and euro area 5 - year, 5 - year forward inflation swaps per cent 4. 5 4. 0 3. 5 3. 0 2. 5 2. 0 1. 5 uk ( rpi ) us ( cpi ) euro area ( hicp ) 1. 0 0. 5 0. 0 source : ons annual survey of hours and earnings ( ashe ) ; bank calculations. pay is measured as median gross weekly earnings of full - time employees. source : datastream ; bank calculations. chart 17 : firm level productivity percentiles 10th percentile 50th percentile 75th percentile 90th percentile gva per head, £000s 99th percentile source : ons ;

lending to the economy even if truly adverse scenarios materialise, as shown by the ecb ’ s vulnerability analysis published in july 2020. this shows that in the field of banking regulation, we did not waste the previous crisis and learnt our lessons well. my second point relates to regulatory response. the relief package that the ecb banking supervision announced in march was designed to ensure that banks can keep lending to the contracting economy. for instance, banks were allowed to temporarily operate below the level of capital defined by the bank - specific pillar 2 capital requirements, namely pillar ii guidance. 1 / 2 bis central bankers'speeches in lithuania, macroprudential policy was a key domain of the regulatory response package. prior to 2020, critics would say that our macroprudential set - up was perhaps too wide - ranging. but this crisis showed, i believe, that our policy stance was the right one. first, it helped prevent a deterioration in lending standards and a build - up of systemic risk in the run up to the covid - 19 shock. and second, when the time came, we implemented countercyclical policy decisions in line with the intended functioning of the framework. for instance, in mid - march, the bank of lithuania fully released the counter - cyclical capital buffer from 1 % to 0 %. overall, the relaxation of various requirements has increased the lending potential of banks in lithuania by €2 billion, or by a third, compared to 2019. of course, we are talking about potential here, not the real world. but the real - world data has been encouraging, at least in terms of lending to households, which has broadly returned to the pre - pandemic levels. going forward, policymakers should not “ waste a good crisis ” this time as well, and take a fresh look at the existing macroprudential framework. we could even consider novel ways of applying macroprudential tools – such as the application of borrower - based measures during the cycle, e. g. relaxing the loan - to - value or debt - service - to - income requirements in times of crisis. finally, i would like to make a point on the long - term issues of the european banking sector. the first issue here is inadequate bank profitability. in this regard, there is a need for consolidation via mergers and acquisitions to make the european banking sector leaner. completing the banking union by creating a european deposit insurance scheme ( edis ) would open doors for true