Since they have to implement the convergence criteria foreseen by the Treaty on the  1/3  European Union in order to ultimately adopt the euro, this has so far led to an impressive record of macroeconomic stability as well as exchange rate stability on their way to EMU.
Public debt, so created, was always substantially reduced, or paid off, after most wars for most countries”. 1 Also in Europe, during the sixties and the early seventies, budgets close to balance or even in surplus were regarded as normal. It will not be a surprise that I think that we should go back to normal.