In an environment of enhanced confidence in fiscal balances, private sector activity should also be fostered, supporting private investment and medium-term growth. At the same time, together with fiscal consolidation, growth and growth potential in the euro area need to be enhanced by decisive structural reforms. In this context, facilitating entrepreneurial activities, the start-up of new firms and job creation is crucial.
Before joining the ECB, I spent five years managing France’s debt and cash at Agence France Trésor, the French equivalent of the Finance Agency in Germany. That’s when I first came across Pfandbriefe as an important building block of Europe’s fixed income market. What is the importance of Pfandbriefe and other covered bonds in monetary transmission?