So when the private sector is doing well, the ability to run the economy with either neutral or tight fiscal policy – I think the room was there. When you have a slowdown, as we have now in the euro area economy, it varies by country – and fiscal policies are a national decision.
So what each country should do needs to respect the individual circumstances. But essentially the way I would view it is that the central bank has to take macroeconomic conditions as it sees them, and especially when the private sector is facing challenges, the overall macroeconomic environment will be heavily influenced by the fiscal choices.