REPORT - Analysis by the European Central Bank of the impact of house price rises contains a warning to the Bank of England over house price booms. Pointing out that commercial property booms and busts "lie behind many of the problems experienced in Australia, Japan, the United States, the United Kingdom and the Nordic countries in the late 1980s and early 1990s" the report goes on to consider how a central bank might react to a "a strong boom in the housing market taking place in a relatively