8 Brunnermeier, M, S Langfield, M Pagano, R Reis, S Van Nieuwerburgh, and D Vayanos (2016), “ ESBies: Safety  in the tranches”, European Systemic Risk Board Working Paper No. 21 9 S&P Global Ratings (2017), How S&P Global Ratings Would Assess European “Safe” Bonds (ESBies). RatingsDirect. 9/9  BIS central bankers' speeches
Household spending is rising at an especially rapid pace, boosted by strong fiscal support, accommodative financial conditions, and the reopening of the economy. Housing demand remains very strong, and overall business investment is increasing at a solid pace.