4  This despite much discussion in the corridors of the negotiations – and, I understand, pre-negotiation discussion of this point between the members of the Troika team of experts. 5  I am speaking here of the situation at November 2010.
The United States is a conspicuous example of this, of course. Another example is Ireland, which conducted an excellent economic policy except for one thing – its policymakers did not apply adequate supervision to their banking system and, among other things, the effect of the real-estate market on it.