A critical  BIS Review 16/2010  3  lesson from this crisis is that supervisors and investors need to be able to more quickly evaluate the potential effects, for example, of the possible failure of a specific institution on other large firms through counterparty credit channels; financial markets; payment, clearing, and settlement arrangements; and reliance on common sources of short-term funding.
But this possible disadvantage is too slight to justify changing our policy. Why? If real estate were to become too expensive, you could also address this with other, more specific measures. In Belgium, for example, the National Bank is responsible for such policies. And furthermore families in certain European cities pay a lot for property, but borrow relatively little in order to do so.