This finding is corroborated by the fact that all major banking crises in industrial countries during the post-war period coincided with housing price busts. Other studies recently confirmed that developments in the monetary aggregates and credit play an important role for the development of asset price boom episodes.
It is, and always will be, a matter for democratically elected politicians to make the necessary transition a reality and to break the tragedy of the horizon. In closing, ladies and gentlemen, may I wish you a day rich with insightful and rewarding dialogue here at the Palmengarten, Frankfurt’s green haven. Thank you for your attention.