Just caught my eye on the TT/Bloomberg:

Norway proposed raising capital requirements at its banks to protect the economy from financial losses amid warnings Europe’s second-richest economy is in the grip of a housing bubble.

Norway Boosts Capital Requirements to Stem Banking Risk - Bloomberg

It's well beyond a joke at this stage what is happening with banks etc. Even though it is not in the EC it is a rich nation and they seem to be taking measures to catch the problem before it grows. Property has doubled and debt is way up since 2002. Watch this space and we will see how the Scandanavian model will work this out.