This is an affair that almost always turns out be ugly, and poses a much greater threat to a sustained expansion, in my view, than a premature tightening. What Lies Ahead?
Toward this end, the role of households as consumers and that of small and medium-sized enterprises (SMEs) as the main source of job-creation are very important for balanced economic growth. But the current situation of both households and SMEs is only fragile. For households there is not enough capacity for spending because of the weight of their accumulated debts and lower saving rates.