The dividend from these structural reforms was a robust labour market during the downturn, implying comparatively robust private consumption. Meanwhile, the unemployment rate has gone back down below its pre-crisis level and economic growth is increasingly based on domestic demand. Boosting demand by means of further macroeconomic stimulus measures would, however, be inappropriate and, at least in the case of Germany, highly procyclical. 3.
Conclusion  Let me conclude. Global imbalances still pose significant risks to the global economy. The unwinding of global imbalances is therefore one of the major challenges on the global policy agenda. It is a joint task of surplus and deficit, of advanced and emerging economies. Thank you for your attention. 4  BIS Review 153/2010