Diversity is a case in point. Taking into account our latest decisions, the proportion of female senior managers at the ECB has increased from 9% to 31% since mid-2012 as a result of our diversity strategy. But all 19 national governors are males. This does not reflect Europe’s reality. It harms public trust in our institution and in the single currency.
This could result in market corrections and squeeze the profitability of financial institutions with short-term liabilities. Third, assets may be overvalued. In Germany, for example, house prices have increased strongly over the past decade, also mirroring global trends. According to current estimates, in 2021 real estate prices in urban areas were between 15% and 40% above the value implied by the fundamentals. [10] II.