Instead of deviations from the mean/median, what was attempted was deviations from asymmetric reference values for developed and developing countries, with higher thresholds for developed countries. These thresholds are based on historic averages rather than on current assessments of debt sustainability related to expected or projected growth rates. The adjustment period to stabilize the debt is also very backloaded.
The year 2030 is long-term enough, and to paraphrase the immortal words of Lord Keynes, many of us here may well be dead. One reason why the fiscal balance in advanced countries is so important to the global economy is that by virtue of being reserve currency issuing countries their deficits have large spillover effects. 8. There are two issues here.