There is one lesson I think we can take from this: we need to pay more attention to public debt levels. The Maastricht Treaty sets a public debt limit of 60% of GDP, although there is some flexibility. You can exceed this threshold, as long as you bring public debt back down to the 60% reference value. This limit must regain its prominence.
In August, the FOMC returned to an unbiased policy predilection in response to the adverse implications for the U.S. outlook of worsening conditions in foreign economies and in global financial markets, including our own. Shortly thereafter, a further deterioration in financial market conditions began to pose a more serious threat to economic stability.