See Trichet, J.C. (2006), “Monetary Policy and Economic Prospects in the Euro Area”, speech at the Institute of Economic Affairs conference on “The State of the Economy: Overcoming Key Challenges to Sustainable Economic Growth”, London, 6 February. 8 See, for example, Blinder, A.S., M. Ehrmann, M. Fratzscher, J.
Given this experience, the question that now confronts us is, “What can we do to create more stable housing markets and lessen the boom-bust cycles in housing?” These cycles have unfortunately become all too familiar over the past few decades. Some argue that our housing and mortgage markets will not recover in a timely fashion without extensive public support.