While we can't rule out this possibility, the recent flow of data makes it seem less likely. In the event that the unemployment rate does not move lower with current policy settings, there are a number of options.
Before discussing the shift towards a much greater role of emerging economies, which is the theme of today’s congress, let me elaborate on the current situation in the euro area. I. The euro area situation and ECB monetary policy  Activity is expected to weaken in most of the advanced economies.