The "new normality" for economic policies

In OECD countries and China, the "new normality" for economic policies has led to an expansionary fiscal policy combined with an expansionary monetary policy. One of the rare exceptions is Germany. This "new normality" can be maintained because: An expansionary monetary policy makes it possible to have a very high public debt ratio; The countries that practice it have either structural external surpluses (Japan, euro zone, China), or prevent capital outflows (China), or benefit from their currency’s reserve currency role (United States). What will this "new normality" of economic policies lead to in the medium term? Either to a considerable rise in the public debt ratio (as in Japan) if interest rates can remain low; Or to a debt crisis if, for any reason whatever, the expansionary monetary policy must be interrupted.