and a total of €54 billion was invested in housing. of the total invested in financial assets, 40 % was accounted for by assets other than cash and deposits, most notably net purchases of investment fund units ( €33 billion ). the high rates of inflation observed from late 2021 have prompted growth in nominal consumption, which, as i have said, reduces household savings. new lending to households remained very robust in 2022, essentially due to buoyant lending for house purchase. this marked a continuation of the trend observed since early 2021, although a clear slowdown has been evident in the last few months, shaped by the tightening of financial conditions. the net acquisition of financial assets declined sharply in 2022, although we do not yet have data for the final quarter. looking at the breakdown by instrument, in the first three quarters of last year households continued to increase their cash holdings and deposits at a good pace, with new investments in these liquid instruments amounting to €33 billion. by contrast, households divested €22 billion from other financial instruments. this may owe to the weak performance of financial markets in 2022. lastly, repayments of outstanding debt increased over the course of 2022, driven by the repayment of loans for house purchase, possibly as a result of higher interest rates increasing the debt payments made by households with floating - rate loans. some of those with surplus savings may have used part of these to pay down debt, at a time when high inflation is eroding the real value of cash holdings and deposits. to sum up, in 2020 the bulk of the savings built up – mainly by higher - income households – was put into liquid assets. in 2021, residential investment began to gain upward momentum, while a larger share of net financial asset acquisitions took the form of investment funds and cash holdings, and deposits represented a lower relative share. lastly, in 2022 ( albeit in the absence of data for the full year ), the acquisition of financial assets declined as savings levels dropped. further, we will have to wait and see how investment decisions are affected by rising interest rates, both in terms of the type of financial product ( investment funds, debt securities, etc. ) and in terms of residential investment, which is slowing somewhat due to a tightening of financial conditions. as i have said, the extraordinary savings accumulated during the pandemic were concentrated among higher - income households, whose portfolios are also more diversified. according to the 2020 spanish survey of household finances, real

a responsible path for the future. the challenges we face today – ranging from high debt levels to climate crisis, geopolitical risks posed by conflicts, geoeconomic fragmentation, demographic shifts, low productivity and deglobalisation trends – require us to remain vigilant and adaptive. should we confront rising debt vulnerabilities, the need for innovative and sustainable fiscal solutions will be more urgent than ever. the decisions we make today will determine not only europe's financial stability, but also the well - being of future generations. striking the right balance between fostering growth, ensuring fiscal sustainability and protecting the long - term interests of our societies is no easy task, but it is one we must face together. thank you all for your participation, and i look forward to the fruitful discussions. 8 / 8 bis - central bankers'speeches