Is there a real estate bubble in the euro zone?

One of the most serious consequences of the zero interest rate policy in the euro zone would be the emergence of a real estate bubble, as it would herald a financial crisis. In a recent interview, Christine Lagarde said there is currently no real estate bubble in the euro zone; the figures shows that there is a bubble, but without a rise in the household debt ratio. When we look at the four large euro-zone countries, we see the difference between France and Germany on the one hand (rising prices and debt) and Spain and Italy on the other hand (no rise in prices or in debt). Given the heterogeneity of the situations, macroprudential policies should be used more than interest rate policy, by targeting prices rather than credit.