Commercial real estate markets are under pressure in Europe and beyond as prices fall and activity has stalled in many countries.
The commercial real estate sector poses risks to euro area banks and financial stability.
More than a decade ago, the European Stability Mechanism was called in to rescue countries drawn into a sovereign-bank doom loop caused by a bursting real estate bubble.
But today, the risks appear less systemic than in the past and banks are better equipped to face the pressures.
In this blog, we use our past crisis experience to examine the current situation and explain why we are not likely to face the same predicament. (...)
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