Stable financial markets are, above all, a precondition for improving monetary policymakers’ ability to pursue their mandate of ensuring price stability without conflicting agendas. And, by funding productive investment and diversifying risk, stable financial markets are particularly conducive to an efficient allocation of resources. 1 Based on the forecasts listed on the RealClearPolitics website since the beginning of September  (www.realclearpolitics.com/).
2 Deutsche Bundesbank (2016), Monthly Report, June 2016. 3 See Deutsche Bundesbank, “System of indicators for the German housing market", available online at  www.bundesbank.de/Navigation/EN/Statistics/Enterprises_and_households/System_of_indicators/system_of_indicators.html 4 Based on information published by the Association of German Pfandbrief Banks; for more information, visit  $  4/4  BIS central bankers' speeches