However, hopes of a revival of the securitisation market should not be too high: the very heterogeneous structure of the SME sector and the large information asymmetries between lenders and enterprises entail high firm-specific monitoring costs for lenders. Ladies and gentlemen, when talking about the capital markets as a financing instrument, we must not forget a very important player: sovereigns.
It does, however, also add to the complexity of the global financial system. As the recent crisis has taught us, growing complexity calls for enhanced international cooperation by policymakers and regulators, lest the benefits of a dynamic financial system are jeopardized by instability.