It may be that uncertainty about the legal framework for dealing with shortfalls is one reason for the denial – or perhaps the hesitation – about dealing with unsustainable mortgages.
Economic developments and monetary policy Turning to the first topic, let me give you an overview of the economic developments since the last hearing in June. Over the summer, industrial production and other indicators of economic activity showed signs of resilience. At the same time, the macroeconomic environment has become more challenging.