Concerning the European institutional framework, the Stability and Growth Pact and the excessive deficit procedure are the key fiscal cornerstones of EMU. These must remain firm. The Pact and the excessive deficit procedure should be fully respected in their current form, while their implementation could be improved, in particular as regards the preventive arm of the Pact.
Housing  4/7  BIS central bankers' speeches  The Central Bank shares the consensus analysis that a substantial expansion in supply is required if the high demand to own and rent homes is to be satisfied.