(3)  The dot.com bubble in the United States in the 1990s  US stock prices, an in particular those of the IT sector, rallied in the late 1990s in a context of strong productivity growth, low and stable inflation, and low interest rates. At the time, many observers saw this as a manifestation of a so-called “new economy”.
In view of this, our Financial Stability Report specifically focuses on four themes: financial markets, the housing market, climate risks and bank buffers. I would like comment on these first two topics. Financial markets First, international financial markets. Since the unrest of March 2020, risky behaviour among investors has increased sharply again.