17  We estimate that the excess supply is about 1.0 to 2.0 per cent at the global level. 4  BIS central bankers’ speeches  labour market conditions are not any better, with unemployment rates often above 10 per cent. So, labour gaps are significant.
Moreover, we noted that the ECOFIN Council stands ready to take a decision under Article 104(9), on the basis of the Commission recommendation, should the two governments fail to act in accordance with their own commitments. We strongly urge the governments concerned to live up to their responsibilities. Confidence in the soundness of public finances is essential for sustainable growth in consumption and investment.