I highlighted two major issues which are currently attracting our attention in a number of Member States: robust credit growth and rapidly rising house prices. While these developments could pose, in certain circumstances, significant risks to  6/7  financial stability, we see such risks as being rather modest at this juncture, bearing in mind that the situation varies considerably from country to country.
Nevertheless, it is important that authorities and market participants be vigilant and take measures that can help to reduce the likelihood of risks materialising and increase the resilience of the financial system.