The Stability and Growth Pact is an important instrument for aligning stability-oriented fiscal and monetary policies. But excessive private sector debt can be equally destabilising. Private debt levels that deviate from economic fundamentals may lead to financial dominance (Brunnermeier and Sannikov 2014).
The Year 2000 problem will touch much more than just our financial systems and could temporarily have adverse effects on the performance of the overall US economy as well as the economies of many, or all, nations if not corrected.