Dealing with structural problems is the task of policies other than monetary policy. Let me now give the floor to the Vice-President to report on various aspects of the preparatory work for Stage Three.
5/6  BIS central bankers' speeches  Against this backdrop, there might be a need for more active macroprudential policy. And by this I mean a tightening of existing borrower-based measures. With that in mind, the Dutch Financial Stability Committee and De Nederlandsche Bank have recommended that maximum loan-to-value, or LTV, ratios be further reduced to 90% over the next ten years.