-  Headline inflation is measured by means of an index of consumer prices whose statistical methodology has been harmonised for all EU Member States. This Harmonised Index of Consumer Prices, or HICP, is compiled by Eurostat.
Asset valuations and debt burdens in key markets do not appear outsized. Perhaps most important, house prices, while substantially above their recent lows, do not appear broadly elevated relative to rents or disposable income, in contrast to conditions a decade ago.