10 On the other hand, the increased liquidity of home equity may lead consumer spending to respond more than in past years to changes in the values of their homes; some evidence does suggest that the correlation of consumption and house prices is higher in countries, like the United States, that have more sophisticated mortgage markets (Calza, Monacelli, and Stracca, 2007).
*  *  *  Dear Governor Lipstok, Ladies and gentlemen, The introduction of the euro is a historic moment for any EU Member State, and the euro itself is also a historic achievement for Europe. Indeed, the euro is one of the most tangible signs of the cohesion and mutual trust, among Europe’s citizens.