The Slovak parliamentary deputy Miroslav Beblavy told his colleagues he believes a serious economic bubble is now growing that will have serious consequences for the country if nothing is done to reign it in. Speaking during a debate over a report by the Slovak National Bank, Beblavy said that household debt is rising far too quickly and is outstripping income. This was the same trap that Slovakia, along with other countries like Ireland and Greece, fell into in the previous decade. While the Slovak National Bank (NBS) has been introducing measures to slow the growth of debt, said Beblavy, these had not been successful and more needs to be done. The governor of the NBS, Jozef Makuch, agrees that worrying trends have appeared but that they have not yet become serious problems. “We don’t see the situation as being so tragic,” he said.
