Strong growth in housing prices over 2021 and early 2022 has boosted asset values for many homeowners, with housing assets now comprising around half of household assets. The small decline in housing prices in recent months has only marginally eroded some of the large increases seen over past years.
We conveyed our concerns to the IASB, which triggered additional discussions. We will follow with extreme attention the developments to come. Supervision Supervision is the second pillar I see of a framework for integration. The timely finalisation of the FSAP is a very impressive achievement. Its full benefits will now be reaped if the rules are implemented and enforced consistently among Member States.