The important point to take into account is that if the dominant structural factors for a flatter Phillips curve has been a more stability-oriented monetary policy in the past, these policy implications may mistakenly induce too lax a monetary policy today.
I welcome the new coordinated programme of assistance for those in long-term arrears, with MABS acting as a “one stop shop” for borrowers in need of advice and support. For credit unions, the Central Bank’s new regulations came into effect on 1 January this year.