This report argues for adjustments to regulatory governance traditions so that necessary changes can take place more quickly, at least cost to the economy and with the participation of all relevant stakeholders.

House prices have been moving up strongly in real terms since the mid-1990s in the majority of OECD countries, with the ongoing upswing the longest of its kind in the OECD area since the 1970s. If interest rates were to rise significantly, real house prices may be at risk of nearing a peak. The...