Answer: It is clear that this is a domain in which there is undoubtedly a lot of diversity in the euro area, as is also the case in the United States. For example, you might have real estate dynamism in Florida, whereas in Massachusetts things are not going that fast. We have to accept that a very vast continental economy might have different features.
That being said, at the aggregated level of the euro area it is clear that we have dynamism in outstanding credit for housing, and dynamic price increases in various available real estate figures, which are a cause of tension and that we are monitoring carefully. 28) How is this influencing your monetary policy decisions?