This does not hamper the effectiveness of the purchase programme and the singleness of our monetary policy. The Governing Council has full control over all the design features of the programme. The specific risk-sharing agreement takes into account the unique institutional structure of the euro area, in which a common currency and a single monetary policy coexist alongside 19 national fiscal policies.
As regards possible financial stability risks, we assess these risks as rather contained for now. Looking in particular at housing markets in the euro area, we don’t see any signs of general overvaluation. Important indicators for increasing financial imbalances are real estate prices and credit growth, but so far we have witnessed low growth rates of both.