This may sound attractive at first sight, but delaying fiscal consolidation is no free lunch. It means higher debt levels. And this has real costs in the euro area where public debts are already very high. First, it puts countries back at the mercy of financial markets, which may or may not choose to finance the new debt at affordable rates.
Our presence here today  therefore provides a timely opportunity to discuss what remains to be done, how to go about it, and ultimately to stress once again how important it is to complete this project, as has been  repeatedly highlighted by researchers 1 and numerous representatives of the Eurosystem, first  and foremost the ECB President.