Finally, it would be remiss of me not to highlight that high indebtedness also presents risks to the implementation of monetary policy and financial stability. A high level of public debt also raises the risk of fiscal dominance. This is where monetary policy is subordinated to keeping the debt servicing burden manageable, at the expense of price and financial stability.
We are faced with a myriad of challenges that require a delicate balance between novel ideas and solutions on the one hand, and the prudence required for sustainability on the other hand. 7 Reinhart, C M and Rogoff, K S, 2010, ‘Growth in a Time of Debt’, American Economic Review,  100(2): 573–78.