Financial market instability stems from political uncertainty about the programme execution in Greece, about the future of the monetary union in more general terms, and that is not something you can fix with a rate cut. 6  BIS central bankers’ speeches  But the euro would nominally devalue and this would help European exports. We don’t have an exchange rate target.
Long stretches of unemployment can damage or end workers’ careers as their skills lose value and professional networks dry up, and leave families in greater debt.4 The loss of thousands of small- and medium-sized businesses across the country would destroy the life’s work and family legacy of many business and community leaders and limit the strength of the recovery when it comes.