It is very closely related to the current international financial market turmoil generated by the US sub-prime mortgage meltdown. Background to the increase of household debt As you are all well aware, household debt in many countries has increased quite sharply since the early 2000's. In the US, the ratio of household debt to GDP rose from 75% in 2000 to 104% in 2007.
It would be ideal if the political-economic mix in public policy, especially in major economies, would be consistent in allowing the market to produce those shifts and for the countries concerned to conceive those shifts as being in their national interest. After all, if anything is too big to fail, it should be the International Monetary System. I thank you for your attention.