The central bank has to adopt a broader focus. And to repeat, it is not our intention either to engineer a return to a housing price boom, or to overturn the current prudent habits of households. All that said, returns available to savers in deposits (with a little shopping around) remain well ahead of inflation, and have very low risk.
However, should excess liquidity remain high once there is a significant strengthening of economic activity, it could lead to inflationary pressures over the medium term. We will therefore carefully examine monetary developments as they unfold. In summary, the economic analysis continues to indicate that the main scenario for price developments in the medium term is in line with price stability.