The central bank committing to monitoring monetary developments and referring to a given path of long-run monetary growth – compatible with price stability and with steady-state growth for the real economy – has a powerful tool for anchoring long-term inflation expectations.
The mortgage-credit institutes also state the supplementary collateral requirements for covered bonds as a reason for tightening credit policies. Contribution rates have been raised. Overall, the institutions expect to tighten their credit policies further in the next three months.