Rigorous and prudent budgetary policies are indispensable, but the lowering of the debt-to-GDP ratio is a necessarily long process, which could be disrupted by events outside the control of individual governments; this is why some form of supranational insurance is needed, for example through the creation of a European debt redemption fund financed by dedicated resources of the participating countries.
Thus, the Bank decided last month to clarify forward guidance for policy rates introduced in July 2018 and maintain the current extremely low levels of short- and long-term interest rates for an extended period of time, at least through around spring 2020, taking into account 1/2  BIS central bankers' speeches  uncertainties regarding economic activity and prices including developments in overseas economies and the effects of the scheduled consumption tax hike.