CHECK AGAINST DELIVERY  1 of 1  “Evolution of structural underpinnings of monetary policy” Panel II – Monetary Policy in a New European Reality 10 June 2022 Initial remarks Good afternoon, dear colleagues, ladies, and gentlemen, First and foremost, I would like to thank the organizers – the Narodowy Bank Polski – for bringing us together in this Conference under the Three Seas Initiative to discuss the Monetary Policy in a New European Reality.
Indeed, many homeowners have taken advantage of low interest rates to refinance their mortgages, some having done so several times over the past couple years. Survey data suggest that homeowners took out cash in more than one-half of these “refis,” often to pay down loans having higher interest rates.