It is these imbalances that generated  BIS Review 153/2008  3  easy liquidity and low interest rates which in turn encouraged under-pricing of risk and deterioration in credit quality. So, the debating issue is, can we prevent global imbalances from building up in the future? There is an argument that global imbalances are inevitable given the demographic profile of the world.
The higher the level of public debt becomes, the greater the pressure on central banks to maintain favourable financing conditions in order to prevent the state from experiencing a solvency crisis. If the central bank gives in to that pressure, it is no longer primarily following the goal of price stability.