In this context, it's unfortunate that we have yet to see the introduction of a statutory general amortisation requirement for highly indebted homeowners. This would make the individual homeowner and the whole economy more resilient. And it would make many detailed rules and guidelines superfluous. The economic framework and structures have become more resilient over the past forty years.
And if anyone asks whether banks and mortgage credit institutions are better  5/6  BIS - Central bankers' speeches  prepared for a crisis today than when I took up my position as Governor ten years ago, the short answer is yes. But, as mentioned, we're not quite there yet.