*  *  *  During the first three years of the euro’s existence, the European Central Bank has already been confronted with important and different challenges. At the start of the single monetary policy, in the beginning of 1999, its principal leading interest rate stood at a low level of 3 p.c.
I expect construction to continue advancing to meet the underlying expansion in housing demand from population growth and the strong economy. In addition, low interest rates will continue to be a key factor supporting growth in housing activity.