I should emphasise again that the Securitisation Dataset may not be entirely representative of the set of all mortgages, particularly when it comes to LVRs.
It could be noted that the favourable performance of the euro area might be due in part to the fact that the euro area is a collection of economies still lacking complete economic integration and thus over different cyclical phases. However, we have evidence of an increasing synchronisation of cycles within the euro area, which would weaken the argument.