10 It should be highlighted that using indicators related to income is preferable to taking housing values in the denominator of such indicators. In an undesirable boom, the value of houses goes up and the Loan-to-Value may provide a misleading indication of what is happening.
On its part, the ECB will contribute within its macroprudential mandate. The positive developments in the euro area are not independent of the global growth momentum. Open trade, investment and sustainable financial flows play a key role in the cross-border diffusion of new technologies that drive forward efficiency improvements.