To this end, they have a range of policy tools at their command which may be used to control deleveraging pressures. But, of course, strong accommodative central bank intervention may create moral hazard, thus discouraging needed adjustment efforts and possibly leading to the accumulation of new imbalances.
Another issue that deserves closer examination is the potential benefit, in a phase of transition of the public pillar towards a DC system, of expanding the different types of guarantees offered on the performance of pension funds.