5 A shorter-term influence is the substantial rise in the stock of unsold housing in a range of smaller cities, as developers built in anticipation of urbanisation that did not materialise as rapidly as expected. It will take time for these inventories to be reduced and for market signals to direct investment to locations with the best prospects for urbanisation.
I have to contradict you: We have not taken a single decision which was aimed directly to the exchange rate. No one can say that. Our monetary policy is targeted to domestic objectives. We are justified to do so because of the difficult situation of low inflation we are in. Of course everybody knows that unavoidably there are consequences for the exchange rate.