Economist Weinberg Says Europe Is in a Depression From 2007

The video discusses the challenges of clearing markets, focusing on the labor market in Europe, particularly Germany. It highlights the persistent unemployment issues and lack of wage pressure due to Europe's ongoing economic depression since 2007-2009. The video also touches on the inefficacy of monetary policy transmission through the banking system.

What does the term 'slack in the labor market' refer to in the context of the text?

In what way has monetary policy failed to impact the economy according to the text?