Central Bank can't tackle house affordability crisis
It's the Government's job to address widening gulf between earnings and property prices
When a policy problem gets too big to solve, the policymakers can sometimes avoid, or at least postpone, the admission of failure and the need for reform.
The most dramatic example is a dysfunctional housing market that fails to deliver affordable properties.
Excessive house prices get embedded in the balance sheets of banks and households through long-term mortgage contracts.