We are hopeful that the industry can resolve these conflicts on a consensual basis so that they do not preclude servicers from taking actions that are in the overall best interests of consumers and the industry. More generally, the Board supports efforts by the industry and others to develop reasonable and standardized approaches to dealing with these challenges.
Global economic challenges To tackle the threat of a debt trap three main approaches are generally discussed: fiscal consolidation to reduce the public fraction of debt, economic growth to increase the affordability of given liabilities, and inflation to lower the debt burden in real terms. Fiscal consolidation decreases the vulnerability of public finance.