An agent – or a sector of the economy – that contracts a net debt has implicitly chosen to bring forward resources to the present, thus reducing them in the future, in order to pay off that debt (provided, of course, that it does not intend to renege on its debt obligations!).
Let me take this opportunity to express my emotions in paying tribute to Andrey Kozlov, who was extremely dedicated to our central banking cooperation project. He is present in all our memories. - In our country many observers are in favour of taking away banking supervision from the central bank. What is your view?