Given that the average ratio since the 1950s is only about 4 percentage points, it is clear how high the prices of stocks and housing have soared during the pandemic. On the other hand, household debt has stayed low since the Global Financial Crisis (GFC).
Joachim Wuermeling: Brexit - implications for UK branches of German banks Speech by Prof Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank, at the Embassy of the Federal Republic of Germany, London, 14 February 2019.