Considerations of this type support the ECB’s emphasis on monetary analysis, including a regular assessment of credit developments, as a central aspect of the framework for preparing monetary policy decisions. More specifically, we have always foreseen that a close monitoring of monetary and credit developments constitutes an important element in identifying asset price misalignments that may threaten price and macroeconomic stability.
The ECB continues actively to conduct research along these lines, in the context of its continuing enhancement of monetary analysis.