It should communicate its findings to the competent bodies and monitor the follow up by the relevant authorities. Let me now be a bit more specific. First, we have to come up with a clear definition of macro-prudential analysis. Only when we have agreed on the definition of macro-prudential analysis can we determine the scope of the Risk Council’s mandate.
This has been a considerable drag on inflation: rental inflation was nearly 3 percentage points lower per annum in the past three years than in the previous twenty, which has reduced aggregate inflation by nearly 0.2 percentage points per annum in recent years. The decline in rent inflation can be attributed to a mix of supply and demand side developments.