3rd Addressing the large public debt overhang The commitment of our European partners in May 2016 to take action in order to ensure the sustainability of public debt in the short and medium-to-long term, reaffirmed their November 2012 Eurogroup decision and is a positive step forward. However, the envisaged long-term public debt management measures have not been specified yet.
Nonetheless, it does not appear that a consensus has been reached on exactly how serious the procyclicality is. It will be important in the future that a new quantitative analysis be performed of the procyclicality to facilitate a more objective debate. 5.