But there cannot be much doubt either that running up debt today must diminish the scope to do so in future, and that it must also impair, at the margin, the capacity of some households to cope with adverse shocks which might come along.
4  BIS Review 40/2003  There are times when the above is a risk which just has to be incurred because another possible outcome is even worse. A disastrous international environment, coupled with a soaring exchange rate, would probably be one such time. That is why, in June, we publicly contemplated the possibility of easing.