(3)  Not least, we have to counter the growing costs of government debt at an early stage. I am referring here to the existing explicit and implicit debt and to the fact that due account has to be taken of the dramatic demographic trends in an aging society. Sound fiscal consolidation contributes directly to credible macroeconomic stabilisation.
This can put intense pressure on the policy authorities and economies of these countries - pressure which few countries can withstand easily. BIS Review 99/1998  -4-  For these reasons, the picture looks different from the perspective of the emerging market economies.