In short, with low enough interest rates, any debt-to-GDP ratio is manageable. That is why, in the current interest-rate environment, the Maastricht Treaty’s requirement limiting public debt to 60% of GDP is meaningless – and why the so-called “fiscal compact” requiring countries to make continued progress toward that level should be reconsidered.
简言之，只要利率足够低，任何债务-GDP比率都是可管理的。正因如此，在当前利率环境下，马斯特里赫特条约中公债不得高于GDP的60%的限制根本没有意义——所谓的“财政契约”要求各国不断朝这一水平靠近的条款也必须重新考虑。