This has meant that, for many households, traditional benchmarks of affordability – such as the often-quoted 30 per cent rule – may now be somewhat dated. While the picture on arrears for the household sector as a whole is quite benign, there are nonetheless significant pockets in the community where the high price of housing is causing financial distress. 4.
We are mindful of the impact of our decisions on the rest of the world, and in particular on neighbouring economies. But our mandate is limited to the euro area and in the end, the best contribution that we can make to the global economy, also to neighbouring economies, is to make Europe as robust and stable as possible.