But it added: "The momentum for a self-sustaining recovery in domestic private demand remains weak."

When growth is slow, increases in government spending can play an important role in taking the place of private demand, they say.

This would stimulate private and corporate demand through lower finance charges.

The fiscal stimulus supplied by those deficits has kept the economy, and private demand, strong.

Until growth picks up and private demand for investment capital strengthens, few economists expect interest rates to move significantly higher.

Just how this will affect private demand for specific currencies is anybody's guess.

The United States issued a parallel private demand.

"The key point is whether private demand continues to improve, especially in the second half of this year."

As private demand fell, governments stepped up their spending.

Scene 2: Tadeusz is in his prison workshop fashioning jewellery for the officers' private demands.