It is sixteen months since the previous economic research conference organised by the Financial Stability Division of the Central Bank on the problem of mortgage indebtedness and mortgage arrears.
As a consequence, by the end of 2005, the regular cross-checking of the ECB’s economic and monetary analyses indicated that an adjustment of the very accommodative stance of the ECB’s monetary policy was clearly warranted in order to contain upside risks to price stability and preserve the firm anchoring of long-term inflation expectations in the euro area.