When we reach 60 percent, government expenditure will begin to grow in line with the growth in GDP according to the current formulation of the rule. However, I believe that we must strive for a lower debt than what is set out in the Maastricht rules.
Furthermore, nationally fragmented regulatory frameworks would hamper cooperation between home and host supervisors of international banks and thus lower the effectiveness of regulation. Hence, attempts to put the reform of regulatory frameworks on an international footing are fully warranted, even though this adds an additional layer of complexity to the process. 4.