Our most recent experiences underscore this possibility, along with the persistence of a long list of older, well-tested, economic verities. Inventories, especially among producers and purchasers of high-tech products, did run to excess over the past year, as sales forecasts went badly astray; alas, technology has not allowed us to see into the future any more clearly than we could previously.
Progress along the way to the medium-term objective of budgetary positions "close to balance or in surplus" cannot be delayed. In fact, economic growth lower than previously expected should not be a reason to miss budgetary targets in countries with remaining fiscal imbalances.