So a number of advanced industrial countries face some difficult fiscal decisions over the years ahead. At some point, significant discretionary tightening will be required. Of course policymakers need to get recoveries well entrenched, which is why many observers warn against attempting an early fiscal consolidation.
14 These accounts relate to c.610,000 properties, as it is estimated that there are, on average, 1.2 mortgage accounts  per home  https://www.centralbank.ie/news/article/speech-the-need-for-continued-focus-on-resolving-long-term-mortgage-arrears-ed-sibley-13-july-2021  8/9  7/14/2021  A long shadow – The need for continued focus on resolving long term mortgage arrears - Deputy Governor Ed Sibley  15 Duignan and Kearns (2021) Behind the Data - Mortgage Borrowers Facing End of Term Payment Shortfalls, Central  Bank of Ireland.