4 From the point of view of the convergence of policy practices that I mentioned, it is interesting to confront this with one of the criteria used by the Norges Bank, that epitome of inflation targeting, in «assessing whether a future interest rate path appears reasonable compared with the monetary policy objective».
In fact, the 5th criterion asserts that «Interest rate setting must also be assessed in the light of developments in property prices and credit. Wide fluctuations in these variables may constitute a source of instability in demand and output in the somewhat longer run.» 5 3.