McCarthy, Y., (2014) “Disentangling the mortgage arrears crisis: The role of the labour market, income volatility and housing equity”, Central Bank of Ireland, Research Technical Paper 02/RT/14. Miles, D., (2014), “Mortgages, housing and monetary policy what lies ahead?”, speech given to the Northern Housing Consortium, York Racecourse, 22 November. Rohe, W.M.
What we have experienced in monetary union shows just how difficult it is to handle diversity. Needless to say, the individual constituent countries of an economic area that is as large as the EU develop differently and won’t respond in the same way to changes on account of their economic and societal structures.