Joe Higgins (Dublin West, Socialist Party)
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That is fine. As early as 2006, Professor Kelly referenced housing property bubbles in Finland in the 1970s and in the Netherlands in the 1980s which crashed and caused havoc within those economies, including a banking crisis in Finland. He further referenced studies in a few dozen OECD countries of housing bubbles which had a similar effect over the previous 20 years. How could the EU Commission miss the significance of such a bubble with that type of concrete experience?