In Germany, the unemployment rate now stands at close to 9 per cent: in the U.K., unemployment has reached (6.0 per cent) and in the E.U. it is 8.4 per cent. To address the deepening recession and mounting job losses, most of the advanced economies are adopting enormous stimulus programs.
BIS Review 6/2009  1  •  President-elect Barack Obama’s economic recovery and investment plan includes a fiscal stimulus of around $ billion, in addition to bank support programmes of another $ billion. •  Germany has unveiled a major fiscal stimulus package which includes cuts in taxes and a programme of public investment infrastructure.