Globally it is a well-recognised fact that countries need efficient and effective public debt management as public debt portfolio is the largest portfolio in the economy and its impact could be felt across generations. This prompted Herbert Hoover to remark “Blessed are the young for they shall inherit the national debt”.
While integration in Europe could be seen partly as a regional process of the much wider global phenomenon of trade integration, visionary political leadership also played its role in accelerating the integration of the product, labour and capital markets.