Let me now say a few words about the Governing Council’s deliberations. We of course discussed the economic impact of the invasion of Ukraine. The war has led to higher and more volatile energy prices. The war has also disrupted trade, increased uncertainty and caused volatility in financial markets. This will weigh on global growth, particularly in eastern Europe.
In keeping with this, I will start with a few words on the economy and then discuss the implications for the housing market. In the course of that, I would like to look at three specific questions: •  are we building enough dwellings? •  is there enough housing finance?