The central banks have not exhausted their options, but they have to resort to unconventional means, such as the purchase of government bonds. Here in Frankfurt, property prices have risen by 20% in one year. That is not very hard to understand. Is that the next crisis in the making? We follow developments in the financial markets very closely.
*  *  *  The views expressed today are my own and not necessarily those of the Federal Reserve System or the FOMC. Introduction I am delighted to be here today in this beautiful city and to have the honor to serve on such a distinguished panel with friends and colleagues.