2  Various pieces of research, using different methodologies, suggest that high levels of public debt, normally above 90%, have a negative effect on economic growth.
BIS central bankers’ speeches  1  So, when we ask “Where is Europe going?”, we have to start by asking, “Where has it come from?” That will give us a better understanding of what went right and wrong, and of which path to take to build a new, more sustainable future for Europe and the euro.