We will give you an overview of the monetary and macroeconomic trends for the period since the previous Report and set out our expectations for the coming period. Before I give the floor to my colleagues, who will elaborate on the Report, allow me to reflect on several topics that were current in the period following the August Report.
Nevertheless, some euro area countries do not have the full legislation in place to deploy all borrower-based measures.6 And even if they do, the institution that decides on borrower-based instruments is not always the central bank or the supervisory authority. This creates an additional hurdle to deploying the best macroprudential policy responses.