It is evident there was not a sufficient or timely change in behaviour in response to these warnings. Other central banks around the world faced similar headwinds in changing behaviour consistent with the risks identified in their own financial stability assessments.
What do we expect from „normalization" of the policy and when do we expect it to happen? First, will interest rates increase? For our Central Bank, it is the ECB policy, but also the global situation in the world, that are of primary importance.