It is a practise that may also amplify booms and busts in housing markets. The ESRB’s recommendations aim to tackle the roots of the problems and thereby, improve the overall resilience of the financial sector.
A lot of the ESRB’s work to date has, by necessity, focused on the challenges of the current crisis situation, but much effort has also gone into more medium term or structural issues and  BIS central bankers’ speeches  3  the development and future implementation of macro-prudential tools.