As a Scandinavian, Mr. Hansen could have reminded us, inter alia of the unpleasant consequences – price adjustments – after the real estate bubble burst in the Nordic countries at the beginning of the 1990s He could have reasonably suggested that the government agenda should include a surplus budget sooner than is currently planned and a balanced budget as early as 2008 instead of 2009-2010.
By way of illustration, he could have shown the real possibilities for slowing down the growth rate of lending, one of the drivers of high inflation, as they have been used in other EU member states, including Ireland.