Our assessment at present is that there is no sign of a general asset market overvaluation in the euro area. Euro area equity prices are still recovering from the summer turmoil. Prior to that, they had been fairly valued with a price-earnings ratio well below the values seen in the US.
It means financial literacy and consumer protection. We have made great strides in inclusion, but we are still some distance from our goal. We have adopted a branch based strategy for inclusion, but it is not enough. Too many poor people in so-called “over-banked” urban areas still do not have access to banking services.