Current account deficits of those magnitudes would simply become too unsustainable, if not impossible, as in the UK currently. To achieve balanced growth, rather than just recover a boom-bust cycle, we therefore need better longer-term savings rates. As in the late 1990s, this is going to require fiscal restraint, as a necessary self-control measure to enable the financing of stronger and more efficient investment.
Those who already had largish deficits – which will get bigger as economic activity weakens – and/or who had high levels of public debt, presumably have less scope for fiscal action. Calls for fiscal expansion around the world are accordingly being accompanied by calls for credible statements of how the long-run soundness of public finances will be maintained.