How does one measure maximum sustainable employment? As several economists have noted, estimating the non-accelerating-inflation-rate of unemployment (NAIRU), one possible measure of a full-employment objective, is even more controversial than selecting a target for a specific price index. Associated estimates of an output or employment gap would have an uncomfortably wide confidence interval. Some economists doubt the validity of the concept of NAIRU altogether.
And I am not going to pass them on. But, speaking generally, without mentioning individual banks or figures, how good are the German banks? I’m not going to tell you that either. You can ask me as many times as you like.