These measures included tightening of debt service to income ratio (the Czech Republic, Hungary, Romania, Slovakia, Slovenia) and/or loan to value ratio rule for housing loans (the Czech Republic, Poland, Romania, Slovenia), limits to the maximum maturity of consumer loans (Romania, Slovakia, Slovenia) and more stringent risk weights on households loans (Poland, Slovenia, North Macedonia). Chart 9. Share of households with a DSTI above 40% (% of all indebted households and 90% confidence interval)  Source: Aleksandra Riedi “Household debt in CESEE economies: a joint look at macro- and micro-level data”, Focus on European Economic Integration, 2019, issue Q1/19  Recent OeNB study3 focusing on household debt in CESEE economies suggests that risks associated to households’ leverage have moderated post-crisis, but need monitoring in order to timely address potential vulnerabilities. The inference is based not purely on the level and dynamics, but some structural features as well, such as the currency and interest rate structure. Yet, estimated debt service to income ratio (DSTI) 4 for all households in all CESEE countries is below 40%, as commonly used threshold in the literature for potential vulnerabilities related to household debt burden. Debt service burden is lowest in Hungary and the Czech Republic, while Romania and Albania stand out as  3  Aleksandra Riedi “Household debt in CESEE economies: a joint look at macro- and micro-level data”, Focus on European Economic \Integration, 2019, issue Q1/19. The analysis uses macro-level data and data from the OeNB Euro Survey conducted in fall 2017.
As a global body, an early task will be to respond to the desire of other regional FX markets to associate themselves formally to the Code, and I hope to agree an effective mechanism at our next meeting in November. The voluntary nature of the Code means that transparency of adherence and peer expectation will play a key role in furthering its broad adoption. The short Statement of Commitment appended to the Code provides a means for firms to publicly demonstrate their support, and the GFXC has issued guidelines for organisations 4  interested in developing public registers to make these easy to find. If individual firms come to expect that counterparts will have committed to the Code, and have the means to see whether that is the case, then the Code will become woven into the fabric of the market. Central banks are taking a lead on this, reviewing their own practices and setting clear expectations with their FX counterparts. Three months after launch, I’m encouraged by some of the early signs of adoption within the private sector too. Interest has spread far and wide, with some 20,000 individual downloads of the Code so far. Around 10 market participants have already published commitment statements and many others have publically affirmed their intentions to do so. The development of public registers, too, is in progress – the first was launched last month and I understand other organisations are actively considering following suit.