, in particular, to the ecb ’ s series of working papers, the aim of which is to disseminate the findings of the ecb ’ s internal research. finally, various statistical data, as well as the speeches held by the members of the executive board, can also be accessed via the ecb ’ s website. the ecb ’ s communication policy gives clear priority to maintaining and enhancing the credibility of the eurosystem and confidence in the euro, both of which are crucial elements in the successful conduct of monetary policy. in this context, one should always bear in mind the fact that the governing council acts as a collegial body, and that all decisions have to be communicated to the public in a clear and consistent way. speaking a common language is particularly important for a central bank operating in a monetary union comprising several countries. contradictory indications about the decisions taken by the ecb and the underlying reasons might trigger unwarranted market expectations and increase uncertainty, thereby running counter to the very objective of being transparent with regard to the conduct of monetary policy. i should like to stress that the information provided at the press conferences held after the meetings of the governing council, together with the analysis contained both in the ecb monthly bulletin and in the other channels of communication i mentioned earlier, comes very close, in substance, to the publication of “ summary minutes ”. in view of the broad variety of publicly available information issued by the ecb, it is my firm belief that the ecb can stand comparison with other central banks in the field of transparency. 2. publication of forecasts and national data relating to the euro area in this context, i should also like to comment briefly on the request to publish the ecb ’ s internal forecasts. first, it would clearly be premature to consider such a step since the eurosystem has yet to gain experience with its forecasts. more time will be needed before we can assume that all the technical issues have been addressed properly, and the publication of forecasts can be considered without endangering the ecb ’ s credibility. i am confident that we can achieve this in the course of next year. let me also emphasise that the role of the ecb ’ s internal forecasts in the decision - making process should not be overestimated. such forecasts constitute one piece of information made available to the governing council, but certainly not the only one. the role of the ecb ’ s internal forecasts within the monetary

incidentally, we will have the opportunity to hear one of these researchers tomorrow. the current crisis could even lead to a more significant increase in economic inequality than its predecessors, as it is more pervasive and profound than previous crises. unfortunately, ukraine is all too familiar with many of these problems we expect that unemployment in ukraine will peak at 11. 5 % in q2 2020 due to the corona crisis, compared to 8. 2 % last year. as the gradual easing of quarantine measures that has started in may continues and the economy recovers, unemployment will also decline in h2 2020, but will remain higher than last year. the job losses that hit ukrainians as businesses closed down have not only complicated job search efforts by increasing the workload per vacancy, but also have shown that there will be no easy solution to the labor migration problem in ukraine. some ukrainians working abroad did not even return home for the quarantine, as they in particular feared the prospect of becoming jobless in ukraine. they chose remaining abroad and being temporarily unemployed over coming home and struggling to find any work at all after the lockdown is lifted. and those who did return are now forced to compete against “ local ” laid - off workers for jobs that rarely pay as much as these migrants earned in other countries. for this reason, migrant workers have been leaving ukraine again in search of better pay since quarantine restrictions were partially relaxed. demand for ukrainian workers in poland, for example, has not disappeared. however, most of the problems in the ukrainian labor market are not related to covid - 19. first, one of the systemic problems of the ukrainian economy has for years been the mismatch between job seeker skills and employer requirements. late last year, a third of companies cited labor shortages as being one of the key factors limiting production, according to business surveys. this partially explains why unemployment in 2019 was quite high despite significant demand for labor from businesses. not the least role in this is played by the fact that the ukrainian education system does not keep 2 / 4 bis central bankers'speeches up with the changes in the modern labor market, which are taking place under pressure of globalization and technological progress. as a result, according to the state statistics service, in ukraine about a third of employees with higher education worked in a profession that does not require such. this is one of the highest rates in europe. • second, low productivity. despite having grown over the past 15 years, productivity is