Well I think the European Central Bank has to take economic activity into account and not merely prize stability, that's an old-fashioned doctrine and that would be my, the point I would try to make.
The write down needs to occur and the movement of toxic assets to the RTC at a market rate, allowing the RTC to quickly dispose of properties or renegotiate as seems best will bring stabilityand increased activity to the markets, including the mortgage market.
Importantly for the injury analysis, this period of stability in housing starts and renovation activity enables an analysis that isolates the effects of imports on the domestic industry.