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Small and medium-sized enterprises (SMEs) account for a disproportionate share of output and employment in Europe but are still highly dependent on bank finance, which dried up or became prohibitively expensive during the crisis. Broader access to alternative, long-term finance through securitization would limit their exposure to banking sector difficulties and thus help revive credit. The SDN examines the various impediments to the development of a well-functioning and liquid securitization market in Europe and proposes a comprehensive multi-faceted strategy to support its development through regulatory reforms and infrastructure development together with targeted and time-bound official sector support. This would require (i) greater regulatory differentiation between securities of different quality and underlying asset structures; (ii) harmonized national enforcement and insolvency frameworks and standardized reporting requirements; and (iii) greater capacity of EU authorities to support new issuance. These measures would be underpinned by a pan-European definition of high-quality securitization (HQS) comprising simple, transparent and efficient asset structures receiving preferential regulatory treatment.

Banks and Banking --- Corporate Finance --- Investments: General --- Money and Monetary Policy --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Corporate Finance and Governance: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Ownership & organization of enterprises --- Investment & securities --- Finance --- Monetary economics --- Banking --- Small and medium enterprises --- Securitization --- Loans --- Credit --- Economic sectors --- Financial services --- Financial institutions --- Money --- Collateral --- Small business --- Asset-backed financing --- Banks and banking --- Spain

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Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.

Financial crises --- Monetary policy --- Currency question --- Fiscal policy --- Structural adjustment (Economic policy) --- Economic Theory --- Business & Economics --- Economic and Monetary Union. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Crises --- Banks and Banking --- Corporate Finance --- Investments: General --- Labor --- Macroeconomics --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Unemployment: Models, Duration, Incidence, and Job Search --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Labour --- income economics --- Banking --- Investment & securities --- Economic & financial crises & disasters --- Finance --- Small and medium enterprises --- Fiscal stance --- Securitization --- Financial statements --- Bank resolution framework --- Economic sectors --- Securities --- Financial institutions --- Financial services --- Public debt --- Fiscal union --- Banks and banking --- Unemployment --- Crisis management --- Small business --- Loans --- Debts, Public --- Spain --- Income economics