The envisaged return to sustained growth rates would allow the deficit and debt to be quickly reabsorbed. In Europe attitudes are more cautious. The pre-crisis situation was probably unsustainable everywhere, partly due to the over-indebtedness of the private sector.
I would like particularly to mention three examples: •  Wim’s firm position in the 1980s and 90s, when there were dramatic periods of increased tension and outright crisis and, notably, in 1992 and 1993.