The Financial Stability Review 2012 addresses three topics: •  First, the entrenched low-interest rate environment. This is spurring the search for yield. •  Second, real estate prices. These are showing accelerated growth in Germany’s urban centres. The experiences of other countries show that precisely such an environment of low interest rates and high liquidity can encourage exaggerations on the real estate markets.
And this can pose a considerable threat to financial stability. •  Lastly, the global shadow banking system still plays a major role and is closely linked to the German financial system. I would now like to discuss each of these three topics in greater detail. 2.