For at the end of the day, a financial system is a network of financial contracts – contracts written on the basis of assumptions about the future.
Many of these assumptions will probably turn out to be overoptimistic: the financial situation of enterprises has _____________ 5 6  According to the Bundesbank Online Panel – Households, at the beginning of 2022 only 2% of German households were expecting real estate prices to fall, compared with just under 20% in September.