Notes: left panel: the question reads: “In your view, which of the following would be best for your household, 12 months from now? 1) Interest rates go up; 2) Interest rates go down; 3) Interest rates remain the same; 4) Interest rate movement would not make a difference. Right panel: ARM stands for “adjustable rate mortgage”. FRM stands for “fixed rate mortgage”.
Indeed, this month we celebrate the 20th anniversary of euro banknotes and coins becoming part of our daily lives.1 But amid all these transitions, one element has remained constant throughout. The Bundesbank has remained faithful to its mandate of maintaining price stability. This has been the key to the Bundesbank’s success – and we have inherited that rich tradition at the ECB.