In Germany, at any rate, the five largest banks account for only 17% of the volume of domestic business. In individual business segments, too, it cannot be said that individual institutions have a position that impairs competition. By contrast, the degree of concentration in other European countries is much higher, reaching 60 to 80% in some cases. III.
Let me be clear: I do not believe that central banks should try to target asset prices in the same way that we target the inflation rate. And I do not believe that we should be in the business of popping bubbles. To do so would be unrealistic.