A two-pillar framework for the monetary analysis In the context of our two-pillar framework consisting of the economic analysis and the monetary analysis we assess the risks to price stability in the euro area in a comprehensive manner based on two complementary analytical approaches: •  The economic analysis focuses on the short to medium-term risks to price stability, based mainly on the assessment of current economic and financial developments from the perspective of the interplay between supply and demand in the goods, services, and factor markets.
Issuance patterns have been more along the lines I expected to occur, with the bulk of recent covered issuance occurring in the offshore market, and at much longer tenors. At the same time, we have seen RMBS issuance pick up in the domestic market, with only a few issues into the offshore market.