I’d welcome a little patience from those we regulate when we start  BIS central bankers’ speeches  5  sharing our judgements with firms as we inform them of the steps we think they should be taking to mitigate the risks we judge to be too great.
Let’s not forget that the reason why fiscal consolidation became central for the policy advice of the ECB is because one can’t have systems built on debt and deficits that the financial crisis has shown to be unsustainable. And there has been progress. To give up now, as some suggest, would be tantamount to waste the great sacrifices made by the citizens of Europe.