paesi che dovessero rivolgersi al mes per chiedere un aiutoel debito sovrano? [.. ] lei ritiene che il mesl ’ esm debba fare un ’ analisi stringente della sostenibilita del debito con l ’ idea di imporre delle perdite anche degli obbligazionisti prima di mettere a disposizione il denaro degli altri paesi per sostenere un governo in crisi? philip lane : i think the risk associated with this approach is well understood. but please remember : what is the alternative? to argue that under zero circumstances there can be a sovereign debt restructuring is not plausible. please remember also : the foundation of the european union, of the european monetary union, is that in extreme circumstances there cannot be a 100 percent guarantee on any sovereign. at the same time, please remember that this reform is in no way suggesting any level of automatic restructuring. please remember that the esm has representation from all member countries. i think in terms of logic, to rule out 100 percent, under all circumstances, debt sustainability analysis is just not plausible. [ if that is necessary ], it has to be the case that sovereign debt hasn ’ t had that [ high a ] level of market discipline. but equally, i think everyone understands that this is really a very extreme situation. there can be many situations, i think, like we had in the irish case, where the esm money was available without any debt restructuring. we know there ’ s a large grey zone, a zone where, if the esm funding is available, the sovereign debt is fully sustainable. really the question of restructuring is only – in respect actually – an extreme scenario. franco bruni : molti pensano che i paesi che hanno tendenza a fare troppio debitio non smpetteranno mai di farlo se i tassi di interesse sono sempre molto bassi, se la banca centrale continua a comprare i titoli e se anche le banche commerciali continuano a comprare titoli del proprio governo. [.. ] se si tengono si compra tutto, se si tengono i tassi troppo bassi l ’ indis

consistently with our financial stability mandate. we are mandated to promote a sound and efficient financial system, under section 68 of the reserve bank act. 21 the government ’ s direction is also in line with our recent advice to them in which we detailed the many influences on house prices, including the actions of the reserve bank. 22 we will be considering our financial stability policy settings via our prudential tools – like loanto - value ratios, bank stress testing, and capital requirements – against particular types of mortgage lending. this is done with a view to moderating housing demand, particularly from investors, to best ensure house price sustainability. we also welcome the minister ’ s request for more information and analysis on debt - to - income ratios and interest - only mortgages, and will respond in due course. importantly, the monetary policy committee ’ s remit targets remain unchanged. we remain focussed on maintaining low and stable consumer price inflation and contributing to maximum sustainable employment, as recently outlined in our monetary policy statement. the bank will be required to outline, amongst other things, the impact of its decisions on the government ’ s housing objectives. this mpc remit adjustment sits well with our long - standing commitment to transparency about our policy actions and approaches. 20 the government ’ s policy objectives for the housing market includes : ensure every new zealander has a safe, warm, and dry and affordable home to call their own – whether they are renters or owners. in the short to medium - term, support more sustainable house prices by dampening investor demand for existing housing stock, which will allow additional opportunities for first - home buyers. create a housing and urban land market that credibly responds to population growth and changing housing preferences, that is competitive and affordable for renters and homeowners, and is wellplanned and well - regulated. 21 media release, february 2021 : rbnz supports focus on housing 22 media release, december 2020 : reserve bank ’ s response to minister of finance the government ’ s direction creates important work for the bank, both on our own and in collaboration with other government and non - government organisation. the multifaceted nature of the housing market necessitates a multipronged response. for starters, the bank ( and our colleagues and stakeholders ) will need to develop a collective understanding of what ‘ sustainable house prices ’ means, and how ‘ having regard to ’ fits within our broader financial stability mandate ( section 68 of our legislation ). we will also discuss the