So there is not a single story across the country. This is despite us having a common monetary policy for the country as a whole. Factors other than the level of interest rates are clearly at work.
Vítor Constâncio: Effectiveness of Monetary Union and the Capital Markets Union Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the EUROFI Conference, Malta, 6 April 2017. * * *  Introduction In my remarks today I will link the role of monetary policy with the project of the Capital Markets Union (CMU).