These changes in themselves do not tell us whether such changes are sustainable or not. However, when we additionally examine the developments in household debt, we can see large deviations from longer-term trends (Chart 7). Such developments are similar to the Japanese situation in the 1980s, only the sector where excess leverage materialised is different.
Coordination is undoubtedly more difficult in this field, not only because of the structural differences between the financial markets but also because these markets are partly in competition with each other, and operators are seeking to influence the respective authorities to shift regulatory changes in the desired direction.