The main outcome of the Wassenaar Agreement was the establishment of wage moderation, which, in turn, helped firms to restore profitability and stimulate both investment and employment. 3 Prior to this agreement, the Netherlands had been gripped in a wage-price spiral. However, through this agreement, which considerably diminished wage indexation, a platform for the remarkable turnaround of labour-market performance was created.
Let me recapitulate: Solutions may differ, but should serve the following purposes – in random order: –  refinancing risk must be reduced, – the need for any top-up collateral must be met before it becomes relevant, – the procyclical impact of home financing should be dampened, – and the vulnerability of homeowners to extraordinary changes in financing conditions must be reduced.