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.
Durables and services for the euro area are approximated using a bottom-up aggregation of available country-level data. We are now facing a simultaneous and rapid global tightening of financing conditions (Charts 11), which is creating financial and policy spillovers (Chart 12). For example, monetary tightening in the United States is also resulting in tighter financing conditions[18] in other jurisdictions, including the euro area.