And what is also important in my view is that governments tackle remaining high structural deficits in a timely manner. Public debt that has gone off the rails must be put back on a sustainable path. This way, fiscal policy supports monetary policy beyond the business cycle, in a structural manner.
Sound public finances are a prerequisite for monetary policy to be able to do its job efficiently. At the European level, a set of rules was meant to take care of this. That didn't work out perfectly well.