Before 2007 banks and other financial actors have borrowed to invest in risky assets. Now the ability for banks to do so is much more limited. And with Basel III we will get even higher capital requirements and the leverage ratios. But there is no reason for complacency. In Germany a lot of people fear a real estate market price bubble.
Nagel: We have emphasised several times that we are monitoring the increase in real estate prices very closely. In the past few years, prices in Germany have risen distinctly – especially in urban centres. However, there do not appear to be any price bubbles at present. We therefore see no acute financial stability risk for the moment.