Professor John McHale:

Sweden would be considered a leader in this area. It went through its own fiscal crisis in the 1990s and, accordingly, put in place a strong fiscal framework. As a result of that, it survived the crisis very well. The question is whether we will follow through on the fiscal framework, which is strong, that we have put in place. If we do, we can avoid doing to ourselves again what we have done on more than one occasion in the past. This will be examined carefully in coming reports with the design and implementation of the framework.