4  6  See also Trichet (2010). BIS central bankers’ speeches  Third, public authorities need to preserve the ultimate capacity of public finances to intervene in difficult circumstances. This is already true when our economies are going through the usual business cycle. The reconstitution of fiscal buffers is always necessary.
It is even more necessary when our economies are coping with exceptional circumstances, such as the recovery from the deepest economic crisis in over 60 years. The soundness of public finances and the creditworthiness of the sovereign signatures are therefore a decisive component of economic and financial stability in a medium and long-term perspective.