Let me just mention the activities of the Banking Supervision Committee (BSC) of the European System of Central Banks (ESCB). These activities strongly rely on the close cooperation between central banks and banking supervision authorities.
If the Keynesian fiscal multiplier is taken as the rule, the case for debt reduction through fiscal tightening could be further challenged by the behavior of the risk premium in government bond yields. To be specific, preliminary evidence suggests aggravation of the prospects for growth to cause this risk premium to rise.