This obsession is driven by two interrelated observations: First, high levels of public debt harbour the risk of higher inflation. Second, sooner or later high levels of public debt are bound to hurt economic growth. Given the high levels of public debt in many European countries, one would expect a broad consensus in favour of consolidation – and not just among fixated central bankers.
However, the reality is a bit more complex than I just implied. There are different views on the dangers and merits of public debt. In fact, we are currently observing a change of mood that has been dubbed the “austerity backlash”.