The recent experience of other major central banks suggests that policymakers have two broad options: one is to formally adopt the current floor system by maintaining a sufficiently large bond portfolio on the asset side; the other is to offer, either in a floor or a narrow-corridor framework, regular collateralised lending operations that ensure that banks are able to maintain their desired level of reserve holdings as balance sheet reduction proceeds.
Legislators, regulators and the sector have a shared interest in maintaining and propagating the comparative advantages of the Netherlands when it comes to pension provisions. A durable pension system calls for discipline Let me begin with the importance of discipline. For a pension system to be durable, all players must abide by the rules.