Historical experience shows that the market principle remains by far the best basis for an economic system, although we know that markets need rules and that the existing regulatory and supervisory framework has to be enhanced. The role of government should be scaled down after the crisis.
I look forward to hearing your thoughts on the possible effects of the taxation of residential real estate, and the possible interlinkages with macroprudential policy. Please, Klaas, the floor is yours. 3/3  BIS central bankers' speeches