In this context, the governance structure of the Eurosystem – where each member state is represented by the governor of its central bank in their own personal capacity, who is not bound in their decision-making by their nationality – was essential, since it facilitated an effective systemic response.
However, the rate of land marketed by the State then declined, and the rate of building starts fell to 40,000 per year. According to the Israel Lands Administration, the problem is with the authorities approving building plans, without whose approvals they cannot continue marketing land. The way to handle housing prices must come from the supply side.