We - and I can speak for all my colleagues on the Governing Council view this matter with deep concern. Observing the manner in which the debate has evolved, and the public discourse surrounding it in several Member States, some of us have a sense of déjà vu - a feeling that we have experienced it all before.
The process of widening budget deficits and the transmission of their effects on long-term growth is usually gradual. The anticipated short-term positive effect of deficits on aggregate output is often supported by arguments focusing on their immediate direct impact while neglecting their indirect and long-term unfavourable consequences.