According to the ‘dilemma’ view, the only way out is to resort to the management of capital flows, either through explicit controls or by means of macroprudential measures aimed at reducing boom and bust cycles of asset prices.
The two of you were in Aachen when Wim was to receive the Charlemagne Prize. There was he, that tall fellow with his magnificent mop of hair and there were you, a picture of supreme elegance.