background of high unemployment, countries with low interest rates will not raise key interest rates significantly. As a … activity but also raise risks of inflation. The major problem in Western Europe is unemployment, which remains stubbornly high … or is even rising. As a contrast, unemployment in the United States has come down to the lowest level since decades. It …

coordination with monetary policy. According to the simulations, employment in Germany would increase by about 750,000 persons in … example: If the social partners in a large country such as Germany give a credible signal that wage increases will be moderate …

monetary policy for the euro area seems to have contributed significantly to the low trend growth rate in Germany between 1999 …