Moreover, while much of the increase before the crisis reflected borrowing that proved unsustainable, more recent borrowing has been concentrated among households with strong credit profiles. That said, the increase in student debt in recent years deserves attention, although not primarily through the prism of financial stability. The regulated financial sector is more resilient, owing to far-reaching reforms as well as favorable conditions.
Implementation of structural reforms needs to be substantially stepped up to increase resilience, boost productivity, and reduce unemployment in a lasting way. Automatic 1/3  BIS central bankers' speeches  stabilisers should play their full role. All countries can reinforce their efforts to achieve a more growth-friendly composition of public finances. Why is that important? Because productivity growth is critical to rising living standards.