HOST:

So we’ve got an expensive economy?

MINISTER:

Yes.

HOST:

And low productivity?

MINISTER:

Yes.

HOST:

And most credit goes into housing?

MINISTER:

Yes.

HOST:

And the central bank targets inflation… that excludes housing?

MINISTER:

Correct.

HOST:

And the government made it harder to invest?

MINISTER:

We improved fiscal discipline.

HOST:

So the system creates money…

and directs it away from production…

and ignores the inflation it does create?

MINISTER:

That is one interpretation.

HOST:

It’s the only one that matches the data.