In any case, an increasing number of euro area countries are introducing such measures to address the impact of low interest rates on housing market developments. For example, Estonia has introduced limits on LTV, DSTI and maturity restriction requirements for commercial banks issuing housing loans.
The advantages of that framework have been demonstrated, with inflation brought down and kept low and stable since the early 1990s, and they are equally relevant in times of disinflationary pressures. To underscore this point, and before turning to the outlook for growth and inflation, let me review the Bank's monetary policy framework.