And, as I have spoken about on previous occasions, policies that promote innovation and entrepreneurship are likely to hold us in good stead not just in the short term, but over the long term as well. In terms of the financial side, it is in the housing market where the strong demand for existing assets is most evident.
And so it was widely appreciated by society that the Bundesbank interpreted its mandate as meaning that it should maintain price stability. The oil crises of the 1970s and 80s were further events that shaped central banking. It was during this time that the merits of politically independent central banks like the Bundesbank and the Swiss National Bank came into sharp focus.