Unfortunately, the very nature of these prescriptions requires patience not only from those in the major economies but also from those at the periphery such as the Philippines. The policy prescriptions clearly need time to filter to the markets and achieve the necessary effects. Question is, how much patience and tolerance do the markets have?
They lowered their rates by more than us and, in a number of countries, the unemployment rate is now below conventional estimates of full employment at a time when above-trend growth is expected. Our circumstances are a little different.