Low real interest rates have helped support spending on durable goods, such as automobiles, and also contributed significantly to the recovery in housing sales, construction, and prices. Higher prices of houses and other assets, in turn, have increased household wealth and consumer confidence, spurring consumer spending and contributing to gains in production and employment.
We are seeing our de facto solidarity all around us. And we are being asked to act, as those before us did, by strengthening Europe in response. I am confident that we will recognise our historical responsibility and rise to the challenge. 2/2  BIS central bankers' speeches