Such a discussion is necessarily incomplete; but I will leave it to others to comment on the political and diplomatic context in which Marshall aid took place. The contribution of the Marshall Plan – distinguishing fact from fiction Marshall aid was a lifeline from the United States to Europe at a time when, economically, Europe had been brought down to its knees.
An adjustment in the housing market had been envisaged by most economic commentators since housing output was well above the sustainable rate taking account of underlying housing needs for a number of years. Housing investment peaked at around 13 per cent of GDP in 2006, which was well in excess of international norms.