24  Gelain, P. Lansing, K. and Mendicino, C. (2013), “House prices, credit growth and excess volatility: implications for monetary and macro-prudential policy”, International Journal of Central Banking. 25  Equally, the limit endogenously loosens whenever housing prices decline relative to incomes.
6  BIS central bankers’ speeches  Macro-prudential tools in the EU are governed by two legal texts: the CRR and CRD IV. The appropriate analytical underpinning needs to be gathered for the adequate design and calibration of tools at the disposal of macro-prudential authorities. At the same time, the range of tools might need to be expanded. The Countercyclical Capital Buffer (Art.