Despite these unprecedented interventions economic recovery in Europe, the United Kingdom and the United States has remained stubbornly subdued. This can best be illustrated by comparing the current path of the recovery in the United States with previous recoveries in the post-war period (Figure 2).
Figure 2 Path of real GDP since end of recession GDP Index  GDP Index  Unemployment in many of these countries has lifted sharply and, of particular concern is the high level being recorded amongst young people. In Greece and Spain, for example, the rate of unemployment for those under 25 years of age has risen to around 50%.