"...Recent discussions of debt sustainability and fiscal consolidation have been motivated by a sense of crisis: do something, anything, to put public debts back on a sustainable footing because the markets are impatient and time is short. While not denying the need for immediate measures to address immediate problems, we have taken a step back in this report and consciously attempted to view the public debt situation from a longer-term perspective. Even if the immediate fiscal challenges confronting the advanced countries are successfully addressed,further challenges will emerge in the future as populations age and interest rates rise back toward more normal levels..."
at http://www.voxeu.org/sites/default/files/file/Geneva13.pdf
at http://www.voxeu.org/sites/default/files/file/Geneva13.pdf
