However, we must avoid the pitfall of being complacent in order not to repeat the mistakes from pre-crisis times. Euro area countries should not unravel past consolidation achievements and should put high government debt ratios on a downward trajectory over the medium term, in line with the Stability and Growth Pact.
It comes as no surprise to me that the politicians, hungry for self promotion, talk of substantial price that has been paid by the NBS for achievement of price stability, as this only speaks of their ignorance of the role of a central bank, which is one of the first lessons in textbooks on banking.