But all other indicators show that our monetary policy is working: credit is improving significantly, both in the volume and cost of loans, and economic activity is recovering. Not strongly enough, but it is steadily increasing. 2  BIS central bankers’ speeches  You said you are ready to act with all available instruments, if needed. Should you be doing more?
If the current overall and primary deficit ratios were maintained, the two high debt new member countries referred to above would move even further away from the 60% reference value. Three others would break the ceiling very soon.