Regarding the emergence of the asset price bubble, the explanation based on the “Pigou cycle” of boom–bust of industrial fluctuation is plausible: the expectation on the strong technological progress stimulates the investment boom, although the expectation is not realized ultimately (Pigou (1926), Christiano and Fujiwara (2006)).
Cooperative efforts between the banks and the Bank of Finland have intensified in all areas of concern, and the Bank of Finland is participating in the national EMU project of the Ministry of Finance.