That does not look to be particularly cautious, although it is different. Growth in household borrowing has also been broadly in line with household income. Again, this does not look to be particularly cautious, but it is different. It may be more appropriate to describe this type of behaviour as “prudent”, rather than “cautious”. Indeed, it might be described as “normal”.
I am in favour of strong and effective resilience frameworks that operate in individual countries, in the EU and across the globe. Of course, as with so many things, we will need to consider carefully any proposals for reform to ensure they do not have any unintended consequences.