He certainly did not underestimate the difficulty of this process or the resistance it would meet. Like Jean Monnet, Tommaso was fond of quoting the words of the Swiss philosopher Henri-Frédéric Amiel: “Experience starts over with every individual.
There is a clear tendency for countries where more of the housing stock is owned by households to have a higher household debt-to income-ratio. Graph 2  Potential vulnerabilities This high level of household debt relative to income raises two potential vulnerabilities.