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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.

• Real estate prices around the world are flashing the kind of bubble warnings that haven’t been seen since the run up to the 2008 financial crisis, according to Bloomberg Economics
• ECB tensions over how and when to discuss ending its emergency bond-buying program are starting to bubble over into the public domain
• One reason why so many policy makers are refusing to panic about inflation is that the world economy is still short so many millions of jobs. And, while Milton Friedman said inflation is a monetary phenomenon, it’s also a massively subjective experience
• The U.K. is set to announce the broad terms of a free-trade deal with Australia on Tuesday, its latest post-Brexit accord as Prime Minister Boris Johnson seeks to expand commerce beyond the European Union
• For the Swiss National Bank policy makers, a surge in inflation seems a far-off phenomenon. For all the impact of supply bottlenecks, tax rebates and massive fiscal stimulus around the world, inflation in Switzerland remains well below 1%.
• Bank of England Governor Andrew Bailey warned against using cryptocurrencies for payments, taking another swipe at digital tokens.
• Turkey’s monetary policy committee is likely to maintain the status quo on Thursday and start cutting in 3Q, writes Bloomberg Economics’ Ziad Daoud
• The French economy will return to pre-pandemic output at the start of 2022 as the lifting of restrictions and the acceleration of vaccinations fuel a stronger than previously expected rebound in the second half of this year, the Bank of France said
• The Bank of Japan remains convinced it doesn’t need to take any further measures to improve the functioning of the government debt market for now after offering more clarity on its bond-buying operations, according to people familiar with the matter