Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. As emphasised repeatedly by the Governing Council, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the European level.
Stijn and co-author thus highlight an important channel through which housing affects stock returns, namely through its 1/3  BIS central bankers' speeches  role as a collateral asset. This result stresses the relevance of housing market surveillance because developments in these markets can have a broader impact on asset markets.