While this mostly applies to macroprudential policies, it also applies to monetary policy, 1/4  BIS central bankers' speeches  particularly in respect of the RRE sector. It is essential for us to be able to distinguish clearly between country-specific developments in real estate markets that warrant responses from macroprudential authorities, and area-wide developments that might, in some circumstances, warrant a monetary policy response.
•  Chart 1 also shows that the increase of the longer end of the curve, where inflation expectations are arguably better anchored, was instead largely driven by an increase in the real term premium (blue) and the inflation risk premium (in dark blue).