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100 Deleveraging, What Deleveraging
important to prepare for the future in terms of policies and institutions, which
is vital for the Eurozone. He noted wide agreement that the policy sequencing
was right in the US but not in Europe. Disagreements arise over whether the
European failure should be attributed to institutions, to policy mistakes, or to
both. He further observed that the role of demography may be more important
than is usually recognised. He opined that redistributive issues and inequality
also matter a lot. He expressed hope that disagreements about the measure of
debt would be resolved. Finally, he noted that controversy was part of the process.