But sluggish growth and the prospect of renewed recession mean that joblessness is rising again in Britain as well as in Germany.
Ageing or even shrinking populations make sluggish growth more likely.
So far, these central Banks have held back, in view of the big cuts to public spending taking place, sluggish growth and idle resources.
It also said sluggish growth in Europe was affecting its revenue.
But the same was predicted of Japan in the 1980s before its bubble burst, resulting in a lost decade of sluggish growth. The gap between Japan and America has instead widened.
There is a risk that the American economy will face a sharp financial shock and a recession, or an extended period of sluggish growth. This will slow growth in the rest of the world economy.
Germany: sluggish growth in second quarter
At the last ECB meeting, the decision to cut rates was defended by weakening economic data and the idea that sluggish growth may dampen inflation pressures.
However, Mr. Greenspan's departure could well mark a high point for America's economy, with a period of sluggish growth ahead.