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The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.
Interest rates --- Monetary policy --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Accounting --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public Administration --- Public Sector Accounting and Audits --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Banking --- Monetary economics --- Financial reporting, financial statements --- Financial services law & regulation --- Finance --- Financial statements --- Bank credit --- Credit risk --- Credit --- Public financial management (PFM) --- Financial regulation and supervision --- Money --- Loans --- Financial institutions --- Banks and banking --- Finance, Public --- Financial risk management --- Spain
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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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