I want to focus on two basic risks in the outlook – what I will refer to as utilization risk and the growth risk. Let’s start with the utilization risk. There is a risk that the current unemployment rate is already below its critical threshold, the full employment unemployment rate, also known as the non-accelerating inflation rate of unemployment, or NAIRU.
Conclusions and final remarks Concluding, I would like to emphasize that indeed both Greece and the euro area are at a 4/7  BIS central bankers' speeches  crossroads, as they face several challenges and risks ahead.