To some observers, our destination, the “new normal”, should not look that different from the status quo. Among other things, they argue that non-standard measures such as large-scale asset purchases proved their worth during the crisis. Therefore, they should remain in the monetary policy toolbox and be applied under normal conditions as well.
Hence almost all attention was focused on the question of which countries could be said to have a sustainable government financial position. In 1997 only Greece overshot the reference value for the budget deficit, but the reference value for the level of debt was still exceeded by eleven countries.