3 See the Governing Council statement on macroprudential policies from 15 December 2016 4 See the box entitled “Diversity of banks’ business models and adjustment to the low interest rate  environment”, Annual Report 2016, ECB, 2017.
6  FIGURES  Figure 1  Real disposable income and GDP (annual data; percentage changes)  United States  Euro area  Source: US Bureau of Economic Analysis and Eurostat (real disposable income for the euro area in 2021 is estimated). Figure 2  Demand in the goods and service sectors a.