Employment growth, the rate of asset price increases and consumption growth are all lower than they were over the decade to the mid 2000s. During this earlier period the outcomes in these areas were very strong as the economy adjusted to low inflation and the increased availability of credit.
It is against this background, as Eugenio Domingo Solans pointed out in Berlin last year, that the ECB has added the development of a statistical framework for financial stability to its medium-term agenda. In this context I would like to raise two questions today. First, does financial stability require different statistics from those which are already available for monetary policy?