On 21 September 2011 the ESRB issued Recommendation ESRB/2011/1 on lending in foreign currencies.
The Recommendation had to be implemented by end 2012. It aims at preventing potential systemic risks arising from excessive lending in foreign currency, a practice which in the past created fragilities in some parts of Europe. This includes mitigating possible negative spillover effects across the EU.
To this aim, relevant measures by national authorities must be applied in a consistent manner.