Whereas two years ago the focus of attention was on Asia and other emerging markets, the focus now seems to be more on the United States than in any earlier stage I can remember.
However, developments continue to diverge both at country and regional level. Housing markets and finance are heterogeneous across the Nordic countries, too, albeit these economies are in many other respects quite similar to each other. Structural differences exist between countries with respect to lenders’ business models, typical loan products and the level of household indebtedness (slides 12–13).