Graph 10  General Government Gross Debt 2019, per cent of GDP Japan Italy United States France Canada United Kingdom India Germany Malaysia China Australia South Korea Sweden Indonesia New Zealand 0  50  100  150  200  %  Source: IMF  No doubt, there will be a point in the future when attention will need to return to the task of rebuilding our fiscal buffers to deal with the next downturn.
They are not the losers under the ECB’s monetary policy, as many are claiming. It’s true that the ECB’s interest rates have never been as low as they are today.