In this presentation, I argue that demographic trends are one of the key drivers of the property price movements we have observed over the past few decades. In particular, I argue that a growing young population increases the likelihood of a property bubble.
These features make the ECB one of the most transparent central banks in the world. Let me also briefly touch upon the joint work of the ESCB and the Committee of European Securities Regulators with regard to the development of standards in the field of clearing and settlement, which is also addressed in the draft resolution.