On balance, though, the available data suggest that the underlying trend in consumption is softer than it earlier looked to be and this has affected the outlook for the economy. There are a couple of important considerations here. The first is the protracted period of relatively low growth in aggregate household income. The second is the decline in housing prices in our largest cities.
Protecting variety in banking is one way to enhance sector stability. Therefore, I appreciate efforts from the ECB to widen the perspective of banking supervision beyond the level and quality of capital towards proportionality. 2  BIS central bankers’ speeches  There are other challenges that concern the supervisory quality and long-term functioning of the SSM.