The Eurosystem has put in place a single framework for eligible collateral, which covers marketable and non-marketable assets that fulfil euro area-wide eligibility criteria.
Scenarios, in turn, imply probabilities of events actually transpiring, and here our analysis has had to cross the boundaries into other fields. We noted for instance in the Monetary Policy Committee Statement our concerns about the debt crises in advanced economies and considered in our discussions the possibilities of how this crisis might be resolved.