In the euro area, for example, there is still considerable scope in all Member States to improve the range of economic, social and legal frameworks that shape the conditions in which households and businesses operate. We should not allow ourselves to succumb to the false impression that the current cyclical recovery will heal all wounds.
Seong-Tae Lee: Household debt – implications for monetary policy and financial stability Opening address by Mr Seong-Tae Lee, Governor and Chairman of the Bank of Korea, at the Bank of Korea/Bank for International Settlements Seminar, Bank of Korea, Seoul, 28 March 2008.