Combining these two major effects, one can say that the appropriate longer-term goal for fiscal policy should be increased savings, investment, and output through an appropriately low debt-to-GDP ratio. A decline in the debt-to-GDP ratio can have additional favourable effects.
As such, central banks are faced with new challenges in terms of financial stability as well. From a longer perspective, central banks are faced with an important challenge posed by innovations in information and communication technology. We see remarkable progress in a wide range of technologies, such as artificial intelligence, big data analysis, and distributed ledger technology.