fiscal stance when public-debt-to-GDP ratios are higher - but only in the euro area, not in advanced stand-alone countries …

. Nevertheless, public debt has increased continuously and is now expected to exceed 60 percent of GDP, in large part driven by the … buffer risk methodology, we show that the prudent debt level should not exceed 48 percent of GDP and that in order to achieve … this in the medium term, a policy mix increasing revenues to 17.8 percent of GDP (from 15.5 percent during 2016-2019) and …