Fiscal retrenchment amid weak private demand would lead to chronically high unemployment.

An income tax hike will reduce private demand (unless one believes in perfect Ricardian equivalence), including demand for other countries exports.

The task for economic policy was to compensate for the resulting shortfall in private demand until households eventually recovered.

Given that private investment responds mainly to demand, such measures would likely reverse its current downward path.

Today s problems are compounded by a lack of sufficient private demand particularly household consumption in the advanced economies to compensate for demand losses stemming from austerity.

A variant, seen in Europe, is the use of government borrowing to fill a demand and employment gap created by deficient private domestic and external demand.

Ongoing private and public debt deleveraging has kept global demand growth below that of supply.

It is possible to help create additional public and private demand in this sector, in order to meet the requirements of the single market.

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Second, the pace of consolidation should remain moderate as long as private demand remains constrained by deleveraging or credit restrictions.

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As well as the boost to private investment that the Commission refers to, the stagnant economy and labour market also require an increase in domestic demand and significant public investment.

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However , the low level of interest rates and the generally favourable financing conditions , as well as positive terms of trade effects from the appreciation of the euro , were expected to support private demand . In addition , ongoing adjustment efforts in the corporate sector aimed ECB Annual Report 2003

Recent IMF experience suggests that, through appropriate coordination, private funds could be mobilized for big private public partnership projects linking demand expansion with infrastructure investment.

Private investment is important, too.

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In a world where private aggregate demand is weak and unconventional monetary policy eventually becomes like pushing on a string, the case for slower fiscal consolidation and productive public infrastructure spending is compelling.

Non residential private investment is projected to contract , affected in particular by weak foreign demand , extraordinarily low capacity utilisation and declining profits .

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A commitment to a multi year federal infrastructure spending program, for example, could increase demand, private investment, and employment, even though projects may not be immediately available.

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The Priority is left to private initiative.

Respect for private and family life

It should be more like private accounting.

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