Exit is very likely to take place in an environment where credit has recovered and risks have receded in the economy, making the financial sector more robust to interest rate shocks. The current situation of subdued bank lending and outlook for growth in the euro area is a case in point.
And that is a concern about the possible fallout from the search for yield that has resulted from the very low global interest rates. Money has flowed into collective investment vehicles that invest in a range of higher-yielding assets, including those in emerging markets.