The correction of euro area macroeconomic imbalances was particularly asymmetric, with the bulk of the adjustment falling on current account deficit countries through a strong contraction in domestic demand, with limited support from a higher demand contribution from current account surplus 10 / 22  BIS central bankers' speeches  countries, despite those countries being less affected by the crisis.
No such demand had been made in 1999 and 2000, when the Fed raised interest several times, so that it had to be assumed that the demand to follow suit was no more than an attempt to vary the list of reasons, which changes from time to time, behind the demand that is always on the agenda in Israel to reduce the interest rate, and the faster the better.