Mr. John McCarthy:

The ... we looked at a number of measures of competitiveness. There is no single measure of competitiveness but the most comprehensive one that we would look at would be what's called the real effective exchange rate. So if ... essentially the effective or the trade weighted exchange rate adjusted for relative price developments. So you're taking into account how the exchange rates are going and then how prices are evolving, relative to major trading partners.

That's the one that feeds into our export model and I think that is, typically, among finance ministries and central banks, that is the key metric of competitiveness. But you're absolutely right in the sense that rising rents, rising house prices, do damage the competitiveness of the economy and that was certainly, you know, something we were conscious of.