I discuss the behavior of U.S. macroeconomic data in the mid-20th century. My main theme is that, in these data, seemingly permanent changes in the macroeconomy did reverse and that these reversals occurred over surprisingly short time periods. The second direction is theoretical.
This clearly includes the euro area. Having discussed the feasible options to overcome the debt challenge and the particularities of the euro area it is important that the consolidation of national budgets and the strengthening of the growth potential have to be put in place in a more coordinated way. Important decisions have already been taken.