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The euro zone's jobless rate is 11.7%, a record high. It could reach 13% before stabilizing, according to Capital Economics.

In Spain and Greece, unemployment is over 25%. Youth unemployment is twice that. Even in Germany, where the jobless rate is well below Europe's average, unemployment is rising.

This makes it tough for households to pay existing debts or borrow fresh funds to buy houses and cars even if borrowing costs come down—hampering consumer spending.

With millions of workers idled in southern Europe, public opinion may turn sharply against any further steps to shrink deficits and overhaul labor markets, policies the ECB insists must continue.

"It might be economics and social developments [that dominate] in 2013, how much stamina the Spanish and the Greeks have to stomach high unemployment rates," said Carsten Brzeski, economist at ING Bank.

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