The Nordic private debt has nothing to do with the EU; I'm not sure about Iceland and the Danish territories in the Atlantic, but Denmark, Finland, Norway and S

The Nordic private debt has nothing to do with the EU; I'm not sure about Iceland and the Danish territories in the Atlantic, but Denmark, Finland, Norway and Sweden have fairly insane housing markets in the urban areas, and the current record-low interest rates are just pouring the proverbial petrol onto the fire at the moment. A few generations ago, many people paid of their mortgage within 15 years of buying property. Now, it's usually 30-40 years due to the rapidly inflating prices. It's obvious, to me at least, that this contributes to higher private debt.