Graph 8  Household Indicators  index  National housing prices  100  %  Saving ratio  June 2022 = 100  18  80  12  60  6  $  Mortgage prepayments*  Employment-to-population  %  360  64  240  62  120  60  0  2012  2017  2022  2012  2017  2022  58  *  Stock of offset and redraw balances; seasonally adjusted and break-adjusted.
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200624~d102335222.en.html  12/13  7/15/2020  The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery  [3] For further discussion, see my blog post entitled “Expanding the pandemic emergency purchase programme”, 5 June 2020. [4] For more on the tightening of financial conditions, see my blog post from 5 June 2020 (op. cit.).