The first pillar foresees a prominent role for money, while the second envisages the analysis of a wide range of other economic and financial indicators. The ECB devoted the first pillar of its monetary policy strategy to the appraisal of monetary developments and models that accord an important role to monetary and credit developments.
The housing market has also been on a roller coaster ride. The heavy price increases that we've seen during the pandemic will certainly contribute to making house prices a topic of conversation at the upcoming Christmas lunches and family dinners. But when I sit down at the Christmas table, I will not be focusing on the prices as such. My focus is on resilience.