House prices rose about 50%, on average, since the beginning of the pandemic. As Canadians return to more normal activities and interest rates rise, we expect to see some moderation in the housing market. Indeed, this has started. Recent data indicate a marked decline in the level of resale activity from its peak.
Any recovery and resolution planning for individual CCPs therefore requires an EU wide systemic risk 3/4  BIS central bankers' speeches  assessment and a strong co-ordination at global level. At EU level, this could involve, for instance, aggregated data collection, joint stress-testing and crisis simulation exercises, and the closer coordination of related supervisory assessments and recovery and resolution planning.