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I tend to believe that the economic cycle is exogenous in as far as a recession will happen every 10-15 years. The 2007-8 crash was only usual because of its magnitude (which was probably related to how much leverage and excess developed in the run-up to it).
There is a bit of a time inconsistency to be a Keynesian when it suits (ie anti austerity at the moment when growth is slow), but abandon the flip side, which is to run offsetting fiscal surpluses in periods of above-trend growth.
NickCJ
Would, in your opinion, the Excessive Deficit Procedure have happened regardless of the worldwide economic crash?