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At a time when the monetary targets were being overshot by a considerable margin, this was an important signal of an irrevocable break with the past.
He set out seven main policies: A three-year cap on welfare spending, but with no detail on which benefits would be included in the cap or the action taken if the cap was in danger of being overshot.
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In a debate in Parliament, Finance Minister George Alogoskoufis said the initial budget of $5.5 billion had been overshot by about $1.7 billion.
Interest rate swaps actually eased on profit taking and on talk that they had been overshot after last week's surge of 16 to 45 basis points.
(Certainly the '60s, for all their revolutionary wonder, were overshot with one dark story after another, something the era's children were perfectly cognizant of).
The increase in VAT could push inflation above 3%, requiring Mervyn King, the governor of the Bank of England, to explain why the 2% target has been overshot to such an extent.
What happens if markets try to push currencies beyond the bands (or if American consumers want to buy so many goods from China that the current account target is overshot?).
Beyond the political embarrassment if the budgets were overshot, the government of the day would be obliged to tell parliament how it proposes to compensate for those excess emissions.
Overall, it's becoming clearer that the weakness of the economy is having a material impact on the public finances and it certainly looks as if the OBR's forecasts for this year for borrowing will be overshot.
While this sounds promising, if the rest of the world matched the so-called ambition of China and the US, the supposed 2C "guardrail" to avoid dangerous global warming would be overshot (some countries, particularly low-lying ones, say a 1.5C target should be adopted).
Unsatisfactory result of linear and cubic interpolation method which is overshot is shown by dash.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com