Consider, for instance, the resignation of the EC Commission two weeks ago, which did not really affect the financial markets. That would very likely have been quite different if the currency had been closer to day-to-day politics. Third, a durably sound fiscal policy contributes materially to safeguarding stable prices and the longer-term room for manœuvre.
In certain situations, it may make sense to tolerate deficits for a while. For instance, as part of built-in flexibility, or in the context of a sustained tax reform that stimulates both effort and investment.