In conclusion, the next few years are likely to be ones of low risk-taking and progressively low leverage, as financial institutions and households repair their balance sheets and as internal and external macroeconomic imbalances are resolved.
These adjustments will not be painless, and ensuring that they take place in an orderly manner will pose substantial challenges for policymakers: Preserve price stability while supporting growth, and continue injecting liquidity as needed by an industry that is still far from having resolved its problems, at a time of strong inflationary pressures and tightening credit conditions.