An important one, which relates to the topic of procyclicality I just mentioned, is on the role that unusually easy global credit conditions over many years had in the build up of the current turmoil. There is a clear asymmetry between the two phases of boom-bust cycles.
It is a happy stroke of fate that Europe today largely reconciles both approaches: -  Adenauer’s desire for lasting Franco-German friendship, embedded at the same time in joint institutions;  -  and Erhard’s desire for the merging of the whole of free Europe, basically along market-oriented lines.