Following the crisis, concerns about the sustainability of sovereign debt have risen in many countries, most notably in the peripheral euro zone economies. Consequently, central bankers have also needed to co-ordinate their policies more closely with fiscal policy decisions.
While there is, I believe, wide consensus among academic experts and practitioners on the need for such responses, they are obviously demanding for policymakers. But it must be clear that delay in design and implementation could be very costly for our societies. First and foremost, people have to be encouraged to work longer.