As a member of the Policy Board of the Bank, I will continue to devote the best of my abilities toward achieving and maintaining the price stability target. Thank you for your attention.
Frontloading banking sector repairs in this way should in turn facilitate the Schumpeterian process of creative destruction in the economy at large – and not only by helping credit flow to younger firms, but also by facilitating debt resolution for older ones. Firms that no longer have a viable business model should go into insolvency.