Still, we consider that the reactivation of the ABS market and the associated reduction in the use of self-originated ABS would be ultimately the only way forward in this context. Whither Interest rates are currently at historically low levels, reflecting rapid and deep cuts between the autumn of 2008 and the spring of 2009.
Once economic activity normalises and the outlook for price stability starts pointing to upward risks, adjustments in the stance of monetary policy in line with the maintenance of medium-term price stability are to be expected.