2 Deutsche Bundesbank, Zur Entwicklung der realen Portfoliorenditen privater Haushalte in Deutschland,  Monatsbericht, August 2018. 3 A Barbu, C Fricke and E Moench (2017), Procyclical asset management, reach for yield, and bond risk premia,  mimeo.
We intend to allow the market to operate fully, whether it's the interbank market or the foreign exchange market. May, I draw your attention to the fact that we have not been intervening on the foreign exchange market lately inspite of pressures to do so. Our policy at the Bank is to intervene only if we are faced with excessive volatility.