Wealth is an important source of economic resilience for households, allowing them to handle unexpected expenses as  8  Wealth in figure 2 is indexed to the first quarter of 2007, which is between the peak in house prices in 2006 and the start of the Great Recession at the end of 2007.
This is not possible legally now so it’s an evolution of the system that at present time I judge unsatisfactory and needs to be changed. 5 / 10  BIS central bankers' speeches  Now, going back to your first question, first of all I don’t think Mr Coeuré said flows don’t matter.