The reason why the macroeconomic policy mix has been different on the two sides of the Atlantic in recent years remains a hotly debated issue. Was it due to a different reading of the root causes of the global financial crisis and therefore of the type of policy response considered most appropriate? Or was it instead the result of incomplete economic and financial integration in the euro area and the absence of a solid backstop for sovereign and banking sector problems, factors that led the euro area—as put by European Central Bank (ECB) President Mario Draghi—to resort to “policy choices made under the pressure of events and that were commendable by themselves, but that were sequenced in the wrong order”? Or was it a combination of the two? Looking forward, will the policy mix continue to be different? Are the United States and the euro area at risk of secular stagnation? What are the most effective fiscal consolidation plans for advanced economies with a high government debt/GDP ratio? What are the risks related to evolving liquidity conditions? And is there room for cooperation on the two sides of the Atlantic on macroprudential issues?