European Central Bank President Lagarde: The labor market successfully resisted recent shocks.

Christine Lagarde, President of the European Central Bank, said that the resilience of the European labor market in the face of a once-in-a-generation inflation shock and aggressive rate hikes was surprising. Lagarde, speaking at the annual Federal Reserve symposium in Jackson Hole, Wyoming on Saturday, stated that from the end of 2021 to the mid-term of 2025, the employment rate grew by 4.1%, nearly matching the pace of economic growth and about twice the forecasted value of established economic laws. She added that global positive factors combined with domestic advantages contributed to this result. In her prepared remarks for the panel discussion at the conference, she said: "Inflation has dropped significantly, and the cost of employment is incredibly low. By understanding the sources of recent resilience, we can better prepare for the next shock, no matter in what form it appears."