These liquidity-providing operations do not have a direct effect on euro liquidity conditions, but are conducted to address the availability of US dollar funding for euro area banks and aimed at improving global funding conditions. I would sum up by noting again the challenging environment within which economic policymakers are currently operating.
The development in house prices also illustrates our forecast problems. Increases of 15 per cent are now expected in 2006. Six months ago, the forecast was 7.0 per cent. A continued rise in prices could have a negative impact so it is important that the government does not encourage this. The Dutch situation is mentioned.