Graph 8  Housing Loan Repayments* As a percentage of household income %  %  40  40  30  30  20 1984  1989  1994  1999  2004  20 2009  * Housing loan repayments calculated as the required repayment on a new 80 per cent LVR loan for the median-priced home; household disposable income is before interest payments.
So to some degree the two are complements rather than substitutes. In other words, the EMU needs both. The recent Recovery and Resilience Facility that I already mentioned, is a telling example of such cross-border public risk sharing. The fund was set up to temporarily support public investments in the energy transition and in digital projects all over Europe.