To maintain household debt soundness, therefore, the absolutely crucial thing is to avoid a housing boom and bust cycle. To ensure this, policy initiatives are naturally required from the micro angle targeting the supply and demand of housing and the tax regime. An even more important task, however, is to carry out macro economic policies that keep the overall economy on a stable course.
What is more, given that financial innovation can amplify financial unrest, central banks and financial supervisory authorities should redouble their efforts to construct effective systems for monitoring and supervision of financial derivatives. Closing remarks Ladies and gentlemen, I expect this seminar will be a forum for a policy debate, involving in-depth and constructive discussions about household debt issues.