The emphasis of concerns related to house price growth in the recommendation reflects the fact that the Council only has soft powers and, hence, relies on the will of the government to act.
And to the public, it was very visible that house prices in Copenhagen and Aarhus were increasing rapidly, whereas the risks associated with lending growth and loosening of credit standards might have been more abstract. The final recommendation thus contained references to both house prices and lending growth. The geographical focus on Copenhagen and Aarhus was also related to political economy considerations.