In the ESRB this interaction is facilitated by the body’s composition which brings together representatives from both central banks and financial supervisory authorities from all 27 EU Member States, from the European Commission and the three European Supervisory Authorities.
Time-varying borrower-side tools For purposes of comparison, it is instructive to focus on how central banks in several advanced economies have dealt with housing booms in recent years.6 Financial authorities in the United Kingdom, Sweden, Switzerland, and New Zealand have recently confronted rapidly rising residential housing prices in macroeconomic environments where there were compelling reasons not to use the policy rate as the first line of defense.