BIS central bankers’ speeches  1  Three dimensions of the crisis Debt deleveraging The global deleveraging process will feature prominently in tomorrow’s conference programme, so I will restrict myself to a stylised account of the most salient features only. Its roots can be found in the pre-crisis period, when economic activity markedly exceeded the sustainable long-term trend.
Its work should have high priority. The group of large credit institutions also includes the mortgage banks. You are already comprised by special legislation to ensure that confidence in the mortgage-credit system is always intact. As you often point out yourselves, this system has stood the test of a couple of centuries.