The role of Central Banks in meeting development and employment challenges

The 99th session of the International Labour Conference (June, 2010) and the 101st session of the International Labour Conference (June, 2012) urged the ILO to promote pro-employment macroeconomic policies.

As a follow up, the Employment Policy Department has undertaken a series of analyses at country level aimed at deepening policy oriented research on the linkages between macroeconomic frameworks and employment outcomes especially during the crisis.

A workshop on “The Role of Central Banks in Meeting Development and Employment Challenges” was organized on the 17-18 July 2014 in Geneva. This seminar aimed at deepening the understanding on the crucial role that Central Banks can play in meeting development and employment challenges of today. Participants and speakers gathered more than 30 in-house and external experts in the field of employment, macroeconomics and development as well as representatives of Central Banks.

The insights gained from this workshop will be reflected in the ILO’s future technical assistance to developing countries in the field of national employment policy. The results of this research feed into the development of capacity building and policy tools that strengthen the integration of pro-employment macroeconomic frameworks with employment policies which are in line with the implementation of the strategy for ACI 1.

The seminar was organized within the framework of the ILO-Korea partnership project 2013-2014. The project aims at informing national and global debates by generating evidence on the pivotal roles that Central Banks can play in pursuing the twin goals of macroeconomic stability and employment creation. The project has carried out country studies (Cambodia, Ecuador and Pakistan) and a background paper on the role of central banks in meeting development and employment challenges.