And production rules could be used to protect workers by putting a floor on “social dumping” and upholding labour standards. This is why the launch of the Single Market agenda in the mid-1980s went hand in hand with a strengthening of common rule-making in the EU and of powers of judicial review.
The securitisation capital framework is currently being overhauled at the international level, with proposals being calibrated largely on a single pool of data that does not reflect differences in standards across the world, does not reflect the structural differences across ABS deals, and does not reflect the vastly-different default performance of SME ABSs at the European and global level.