Important reference values for this assessment are a government deficit level of 3% of GDP and a debt-to-GDP ratio of 60%. In addition, through the Stability and Growth Pact, countries have committed themselves to respect the objective of a budgetary position close to balance or in surplus over the medium term.
CPMI member central banks are committed to acting as a catalyst for effective and coherent operationalisation of the strategy within and across jurisdictions and systems. We will monitor progress throughout this year and next to determine the need for further action. At the ECB, we have recently accelerated our efforts to put these initiatives into practice and to strengthen our cyber resilience more broadly.