5 / 14  BIS central bankers' speeches  In summary then, the supply-demand dynamics have been pushing aggregate housing prices in our largest cities higher relative to our incomes. With interest rates as low as they have been, and prices rising, many people have found it attractive to borrow money to invest in an asset whose price is increasing.
The theme, “the role of capital markets in championing the sustainability agenda”, is timely and relevant as the world continues to wage the battle against the COVID-19 pandemic. On top of the economic costs due to the pandemic, the risks emanating from unchecked climate change puts a tragic toll on the environment.