Fiscal and Monetary Policy. Global Unemployment. Approximately 14 million Americans are jobless 21 percent of Spanish workers are unemployed O.E.C.D. on high unemployment “The room for macroeconomic policies to address these complex challenges is largely exhausted.”.
“In the United States, where some long-term measures of inflation expectations have increased and the labour market has stabilised earlier than expected, the start of normalisation [by which they mean raising interest rates] should not be delayed beyond the last quarter of 2010. Policy interest rates should be well above half-way to neutral by end-2011, but the path of convergence to full normalisation would have to accelerate if long-term inflation expectations were to drift up further.”
Source: Moody's Economy.com