##s. indeed, the united states, japan, sweden and norway already integrate owner - occupied housing into their reference inflation indices. if it were to be included in the hicp, it could raise measured inflation rates in the euro area by around 0. 2 to 0. 5 percentage points in some periods. taking that into consideration, core inflation would lift from its current 1. 3 % to its long - run trend, or even higher, thereby having a bearing on the monetary policy stance. the gap between perceptions and official measures of inflation can complicate the communication of policy decisions. if households believe that inflation is rampant then they will see little justification for unconventional measures, in particular negative interest rates. trust in the ecb fell markedly following the onset of the crisis. according to the eurobarometer poll, net trust averaged around 25 percentage points in the years before the crisis, but fell to a low of - 23 in spring 2014. this fall was in line with that experienced by other eu institutions such as the commission and the parliament. but while net trust in the ecb has recovered somewhat, and now stands at - 2 percentage points, trust in those other institutions has recovered more rapidly. whereas levels of net trust in the ecb and the commission were historically similar, net trust in the commission now stands 10 percentage points higher. even more noteworthy is the now quite marked divergence between support for the euro and trust in the ecb. prior to the crisis, net support for the euro and net trust in the ecb generally moved in line with one another, with the currency enjoying a level of support around 20 percentage points higher. support for the single currency weathered the crisis fairly well, and now stands at its highest ever level. but the gap between the two measures now stands at 60 percentage points, and has persisted ever since the introduction of unconventional measures, although other country - specific factors might also have played a role. this reduced trust can influence expectations and blunt the effectiveness of policy. indeed, the low - for - long policy seems to have had little impact on the aggregate saving rate, although the increase in consumption since the beginning of 2019 has lagged behind real income growth. the so - called reversal rate may kick in at different points across sectors, with households more sensitive to the imposition – or even the fear of the imposition – of negative rates and more likely than market participants to behave in a fashion that counteracts the intended aim of the policy. the difference in savings

benoit cœure : unexpected events and the global safety net remarks by mr benoit cœure, member of the executive board of the european central bank, at the imf - snb high - level conference on the international monetary system, zurich, 8 may 2012. * * * i wish to thank isabel vansteenkiste, roswitha hutter and andreas schonenberger for their contributions to these remarks. i remain solely responsible for the opinions contained herein. madam managing director, mr chairman of the governing board, ladies and gentlemen, i am honoured to speak at this third imf - snb high - level conference on the international monetary system. the recent global financial crisis, including the ongoing euro area sovereign debt crisis, has reemphasised the need for global and coordinated safety nets. following a decade that was largely free of crises, in the aftermath of lehman brothers collapse, liquidity has dried up globally and the crisis has spread to, and within, the euro area. the view that crisis resolution mechanisms were inadequate also prevailed during the asian crisis of the 1990s. this is one of the reasons why many emerging market economies have built up national foreign exchange reserves. 1. recent innovations to global financial safety nets the recent crisis has led to substantial progress in the global safety net, including the following improvements. the strengthening of the imf ’ s crisis prevention toolkit through a combination of increased firepower and more flexible and effective instruments : an increase in imf resources through bilateral loans in 2009 ; an expanded new arrangements to borrow in 2011 ; an increase in imf resources in 2012 ( during the last spring meetings firm commitments were made to increase the resources made available to the imf by over usd 430 billion, in addition to the quota increase under the 2010 reform ) ; the introduction of the flexible credit line and precautionary credit line ( the latter has more recently been replaced by the precautionary and liquidity line, as recommended by g - 20 leaders in cannes ) ; and an agreement to double the amount of imf quotas, thereby in effect doubling the fund ’ s permanent resource base. the creation and strengthening of the european financial safety nets : the european financial stability facility and, more recently, the european stability mechanism. the overall european firewall, including the amounts already committed under the greek loan facility and the european financial stability mechanism amounts to approximately eur 800 billion, more than usd 1 trillion, which is being mobilised to ensure the financial stability