That is why we increased rates in December, why we did not in January and February, and why we did increase rates in March. I don’t want to say anything else. One thing is for sure: all observers have understood that we did not decide a priori to increase rates and that we will do what is necessary to ensure price stability.
And they trust us. This trust is perhaps our most precious asset. Can we today speak of a housing market bubble in the euro area? The development of loans for financing housing forms part of the information which we receive from the monetary analysis and which we monitor closely.