Central banks then began to focus on low and stable inflation as their primary objective, and became more independent from their political masters. But deficit spending by governments continued apace, and public debt as a share of GDP in industrial countries climbed steadily from the late 1970’s, this time without inflation to reduce its real value.
此后，央行开始将稳定的低通胀作为其首要目标，并越来越独立于行政。但政府的赤字支出并没有放慢脚步，发达国家公债水平占GDP的比例从20世纪70年代末开始稳步攀升，这一次不再有通胀来帮它们拉低债务的真实价值了。