On top of that, the Governing Council of the ECB – with Mario Draghi, the Governor of the Banca d’Italia – calls for a “quantum leap” – a very, very significant improvement – as regards fiscal surveillance inside the euro area. We must also engage in surveillance of monopolies and, in particular, of relative competitiveness and of current account imbalances.
Since that time, the unemployment rate in the United Kingdom has dropped unexpectedly rapidly, prompting policymakers to consider data beyond this single indicator when assessing the extent of spare capacity in the U.K. economy. As in the United States, an unexpectedly swift decline in unemployment has raised questions about the structural and cyclical effects of a severe recession.