Some work can be done, and has been done, in developing mechanisms which make it easier for creditors and debtors to agree on revising the contractual terms. Substantial work has been done for instance on collective action clauses, which set minimum thresholds for debtor representation needed to agree on a restructuring. These mechanisms exist currently in many national laws.
Concluding remarks  Every crisis is different, and we have shown that the two boom-and-bust cycles that have bookmarked the middle part of John FitzGerald’s career as Ireland’s pre-eminent macroeconomic modeller display, as we have seen, striking differences between them both as regards their causes and the dynamic evolution of macroeconomic variables. But after every crisis, home-spun truths reassert themselves.