Overall, we are all hoping that the European Fiscal Board will contribute to better compliance with the common fiscal rules, a more informed public debate and stronger coordination of national fiscal policies. To achieve these objectives, the EFB should not fall short of the principles established in the context of the creation of independent fiscal councils at the national level.
A similar reference to house prices in explaining the decision to raise rates was made in the press release of January 20, 2006. The above statements suggest that some central bankers advocate that asset prices, and in particular, house prices, should have a special role in the conduct of monetary policy over and above their foreseeable effect on inflation and employment.