http://bde.eu/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/RevistaEstabilida dFinanciera/09/Noviembre/ief0117.pdf Wong, Eric, Tom Fong, Ka-fai Li and Henry Choi, (2011), “Loan-to-Value Ratio as a Macro-Prudential Tool – Hong Kong’s experience and cross-country evidence”, Hong Kong Monetary Authority, Working Paper 01/201 http://www.hkma.gov.hk/media/eng/ publication-and-research/research/working-papers/HKMAWP11_01_full.pdf  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11  12  BIS central bankers’ speeches  Figure 4: Past and ongoing real housing price cycles and banking crises: peak- to-trough declines (left panel) and years duration of downturn (right panel)  Source: Reinhart and Rogoff (2009b) Notes: Each banking crisis episode is identified by country and the beginning year of the crisis.
Here I should mention the joint work by the European System of Central Banks and the Commission of European Securities Regulators towards establishing standards for securities clearing and settlement in the European Union. As indicated in the ECB policy statement of 2001, standards are to be carefully set and then implemented by public authorities with a clear interest and expertise in the respective field.