In New Zealand, these pressures have been accentuated by housing supply shortages, historically low mortgage rates, tax preferences that favour investment in housing, and offshore investor interest. Strong housing demand can add to financial stability risks, especially when accompanied by high household indebtedness.
The Eurosystem will continue to do all it can to enhance these cooperation and coordination within the present decentralised framework. BIS Review 143/2007  3  One last remark.