to afford housing given fixed incomes, be it in the form of down - payments or monthly servicing costs. [ 20 ] imf ( 2016 ). “ global house prices : time to worry again? ” ( 8 december 2016 ) [ 21 ] percentage difference between q2 2019 and q2 2014 real house price indices from oecd stat [ 22 ] ibid [ 23 ] calculations based on eurostat and ons data. [ 24 ] eurostat. distribution of population by degree of urbanisation, dwelling type and income group - eu - silc survey. [ 25 ] calculated from central statistics office data on private households by type of private accommodation ( e1001 : private households 2011 to 2016 by regional authority, aggregate town or rural area, persons per household, type of private accommodation and censusyear ). [ 26 ] central statistics office. “ population and migration estimates and labour force survey ” ( pea15 : annual population change by component and year and qlf08 : persons aged 15 years and over by region, quarter and statistic ) [ 27 ] duffy, david, fitzgerald, john and kearney, ide. " rising house prices in an open labour market " economic and social review 36. 3 ( 2005 ) : 251. rabe, birgitta, and taylor, mark p. " differences in opportunities? wage, employment and house ‐ price effects on migration. " oxford bulletin of economics and statistics 74. 6 ( 2012 ) : 831 - 855. [ 28 ] byrne, stephen, & mcindoe - calder, tara ( 2019 ). “ employment growth : where do we go from here ” central bank of ireland, signed article, quarterly bulletin 2019 : 3. [ 29 ] dublin city council ( 2015 ). “ dublin city development plan 2016 - 2022 ” [ 30 ] based on ey ( 2019 ) “ viability and affordability of apartment building in cork ” ( 18 july 2019 ) and “ delivery of apartmentscost changes post 2018 ” society of chartered surveyors, rics [ 31 ] esrb ( 2019 ). “ overview of national macroprudential measures ” ( 4 november 2019 ) [ 32 ] central bank of ireland ( 2019 ). financial stability review, 2019 : 1 [ 33 ] internal central banks calculations based on cpi - adjusted combined nominal house price index. housing construction taken from cso data. [ 34 ] donnery, sharon ( 2019 ). “ small open economies - vulnerabilities in

to the domestic non - financial sector continuing its downward trend that started in early 2011. the success of the adjustment programme, however, ultimately rests on its capacity to reestablish conditions for a path of economic growth that is sustained and sustainable over time. the success of the out - of - court workouts will provide an input to support the recovery by contributing to restore the viability of non - financial corporations. bear in mind that the indebtedness of greek non - financial corporations, when measured by debt - to - gdp ratio, rose from about 52 % to approximately 64 % between end - 2008 and end - 2015. non - residential investment by the private sector declined by about 50 % in the same period. in this respect, financial sector policy is only one element, but a crucial one, of a much broader strategy. the strategy is based on decisive action to strengthen competitiveness and investment, and to restore fiscal sustainability. boosting competitiveness and attracting investment are two formidable challenges for the greek economy. a lot has been done to improve competitiveness and the gains should not be unwound. more needs to be done, however, to restore the conditions for a pick - up in investment, both domestic and from abroad. a business environment more conducive to growth needs to be established through further structural and product market reforms and a full implementation of the privatisation programme. all these efforts need to go hand in hand with policies to alleviate the costs for the most vulnerable members of society and to help the economy escape the trap of high and long - term unemployment and increased inequality. the improved targeting and tailoring of the active labour market policy framework and the rollover of the guaranteed minimum income scheme go exactly in this direction. regarding fiscal sustainability, all stakeholders in the greek adjustment programme realise that there are serious concerns about the sustainability of greek public debt. as you are all well aware, a discussion is currently ongoing in the eurogroup on the short - term, medium - term and long - term measures needed to secure the sustainability of greek debt. we are looking forward to a solution that can reassure markets, restore confidence in the sustainability of public debt in an uncertain macroeconomic environment allow the full involvement of the imf in the programme – which would enhance the programme ’ s credibility – and ultimately restore market access for greece before the programme ends in july 2018, while not undermining the reform effort. as regards the potential inclusion of greek bonds in the public sector purchase programme