3  Schüler, Y., P. Hiebert, and T. Peltonen (2015), “Characterizing Financial Cycles Across Europe: One Size Does Not Fit All”, ECB Working Paper (forthcoming). 4  Favara, G., and J. Imbs, (2015), “Credit supply and the price of housing,” The American Economic Review, 105(3), pp. 958–992.
5  For a full overview of the macroprudential toolkit in Europe see ESRB (2014) “The ESRB Handbook on Operationalising Macroprudential Policy in the Banking Sector”. 6  Phasing in the SRB between January 2016 and January 2019 http://www.esrb.europa.eu/pub/html/ index.en.html?skey=29/04/2014%20Notification. 2  BIS central bankers’ speeches  and Sweden.