While macro-prudential policy measures might make credit less accessible for a period, they should help to make house prices more affordable in the longer term. Such measures should also reduce the risk of a sharp housing downturn and the loss of equity that would result, particularly for highly indebted home owners.
The distinctly federal character of what Werner saw as the future European monetary authority was in itself a reflection of the fact that Europe is not a single nation, but a group of nations.