In some booming economies (e.g. Ireland and Spain) government debt ratios declined, but given the  BIS central bankers’ speeches  1  extent to which ample fiscal revenues had been linked to unsustainable asset market developments, structural fiscal balances remained fundamentally weak.
•  With this, we are reminding ourselves – and those who watch us – that economic projections are subject to considerable uncertainty and are revised over time as new economic data become available. •  Our policy formulation process is more of a process of risk management rather than one of engineering.