I'm trying to nail this truism. Cheap credit wasn't a function of being in the Eurozone - it was Govt policy.
The Central Bank may not have dictated base rates but it was completely within the gift of the Govt of the day to ensure mortgage rates and loan availability were set at a more resticted level.
There is no reason atall why they couldn't have imposed a levy on all mortgages drawn down and modified that levy as needed, so when rates were at 3% the cheapest mortgage could not have been less than 4.5%.
The EXACT OPPOSITE was what happened. Mortgage Interest Relief was increased, doubled then doubled again, to the point where the mortgage @3% only cost the borrower approxiamtely 2%.
There could have been restictions imposed on the market. No 100% loans. A maximum term of 30 years. No Interest Only loans.
This was not caused by someone else, it was home brewed.