Increased “exuberance” in housing markets, junk bonds and crypto assets have created vulnerabilities that will be exposed if higher than expected inflation leads to a sharp rise in interest rates, the European Central Bank has warned.
This year’s rebound in the eurozone economy from the coronavirus pandemic has reduced short-term risks to the financial system, but it has also led to a build-up of longer term risks, the ECB said on Wednesday in its twice yearly financial stability review.
“Concerns particularly relate to pockets of exuberance in credit, asset and housing markets as well as higher debt levels in the corporate and public sectors,” the ECB said.
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