All in all, however, some encouraging structural reforms notwithstanding, the high degree of monetary stability achieved stands in contrast to the as yet insufficient flexibility and dynamism of some euro area economies. The latter phenomenon explains why the success of EMU has not been accompanied by higher real growth. This brings me to the importance of sustaining sound public finances.
We require these data to ensure that the securities are of sufficient quality to be eligible as collateral in our domestic market operations. The vast bulk of the assets underlying these securities are residential mortgages (other assets, such as commercial property mortgages and car loans, constitute only about 2 per cent of the pools).