Peter Mathews (Dublin South, Fine Gael)
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This is the first anniversary of my mention of the paper by Messrs. Cecchetti, Mohanty and Zampolli, which was produced to the central bankers of the OECD countries in Wyoming in August 2011. It was a seminal paper, but only now are the leaders of Europe waking up to it. The paper asserts that the three elements of debt in an economy - sovereign debt, household debt and non-financial corporate debt - should be examined to determine how increasing debt affects growth. By hard experience in Europe, we know that households, businesses, young people, etc., are losing their homes and jobs, going out of business and so on. It is patently clear that-----