Continued budget deficits will steadily detract from the growth of the U.S. capital stock and may also trigger dislocating changes. 6  BIS Review 12/2004  Appendix: Derivation of the stability condition Let P denote the primary deficit (for either budget or trade), D the debt for either, and i the nation’s nominal riskless interest rate.
The conference series should serve as a vehicle for signalling the role of the ECB as a key player in central banking, by bringing together researchers from leading academic and international institutions, including the European Parliament, and economists from ministries of finance, central banks in the ESCB, accession countries and also from non-European central banks.