Employment and household income conditions have deteriorated as the unemployment rate has reached a new historical high, the ratio of job offers to applications remains at its lowest ever level, and winter bonuses have decreased significantly. Financial conditions are improving with the effects of the policy measures taken by the government and the Bank.
BIS Review 48/2002  1  theoretic flavour as the central bank and its way to respond to the events is very much part of the picture, and in some way it is driving the formation of views about the future.