Even the Bank of England hinted in its most recent statement that the rate increase anticipated for 2019 might take place sooner than expected. Of course, the Bank of England stressed that this will depend on the outcome of the Brexit negotiations. One persistent problem of the euro area economy is unemployment. I mentioned just now that euro area unemployment stood at 9.5%.
“Fiscal Policy for the Crisis,” IMF Staff Position Note, December 29, 2008. 6  BIS Review 82/2009  Recovery Plan. Furthermore, in accordance with the Stability and Growth Pact, there has to be a commitment that consolidation will be carried out when times get better.