Of course, recognising their importance does not necessarily simplify the task of interpreting those  10  For example, in several of the Introductory Statements in 2005 and 2006 at the press conferences following Governing Council meetings, I noted, in the context of strong loan growth (for example, in December 2005), that “price dynamics in a number of housing markets need to be monitored closely” (http://www.ecb.europa.eu/press/pressconf/2005/html/is051201.en.html).
11  For example, reference is made to such considerations in EMI (1997) in the context of a discussion of the main elements of the ECB’s monetary policy strategy. See also Issing (2002). 12  Stark (2007). 13  See, for instance, Christiano et al. (2008) and De Santis et al. (2008). BIS Review 103/2009  3  developments.