5 There was an exemption clause for the deficit limits in the event of a severe recession. 6 European Fiscal Board (2019), Assessment of EU fiscal rules with a focus on the six and two-pack legislation, 11  September. 7 Kiley, M. and Roberts, J. (2017), “Monetary Policy in a Low Interest Rate World”, Brookings Papers on Economic  Activity.
4/4  BIS central bankers' speeches