Second, as a supervisor of financial institutions, the Federal Reserve uses HMDA data, including the price data, to facilitate its supervision of institutions for compliance with laws prohibiting discrimination in home lending. Third, as a research institution, the Federal Reserve conducts and publishes analyses of the price data, and it encourages research by other parties as well.
In the field of structural reforms we continue to urge governments to implement, in a determined way, the agenda set in the Broad Economic Policy Guidelines. Structural reforms will contribute to expanding the euro area’s potential for non-inflationary growth and to reducing its high level of unemployment.