Stabilizing the ratio of federal debt to national income requires that spending on everything other than interest payments on the debt be brought into rough  BIS Review 128/2010  1  so will the associated interest payments, which in turn will lead to further increases in projected deficits.
Carlos da Silva Costa: The challenge of inclusive growth Address by Mr Carlos da Silva Costa, Governor of the Bank of Portugal, at the Delphi Economic Forum IV "The challenge of inclusive growth", Delphi, 1 March 2019. * * * As prepared for delivery.