Box 1.1 in the European REO covers labour market institutions. Relative to most European countries, Ireland comes across as having good labour market institutions. The box highlights one exception – the high unemployment benefit replacement rate for long-term unemployed. Note: the figure is based in 2008-2009 data and takes the average of net replacement rates over 60 months of unemployment for four family types and two earning levels (67 percent and 100 percent of average worker earnings), including social assistance. The box notes that Ireland’s replacement rate is relatively low at one-year duration but benefits are stable over time, making them higher than average over a fiver-year period.