My views on this aspect of the identification problem have been reinforced by my experience during the inflation of the housing bubble. Over the first half of the decade, we saw a sustained, rapid rise in both home values and mortgage debt. As this process continued, concern about its sustainability grew and many observers started speculating that a bubble was in place.
*  *  *  Responses to written questions on the economic and social crisis in Greece by several political groups within the European Parliament can be found on the ECB’s website.