On May 11, 2010, the Banco de España hosted the seminar “Towards More Efficient Labour Markets”, which it jointly organized with the International Monetary Fund.Opening remarks were provided by Miguel Fernández Ordóñez, Governor of the Banco de España, and Olivier Blanchard, Economic Counsellor and Director of the Research Department of the IMF. The seminar compared labour market experiences across European and OECD countries, with special attention to the labour market performance of different institution frameworks during the recent financial crisis.