I am confident that banking union will help achieve this, not least through its comprehensive assessment of banks’ balance sheets. The second priority is to support the bank lending channel by strengthening capital markets. As disintermediation is not an option for most euro area SMEs, a promising middle way is to increase possibilities for the securitisation of SME loans.
In our day it was totally anticipations data - leading indicators of this or that, for a quarter or two ahead at most. Today I hear Dave Stockton describe the baseline forecast in very model-oriented terms - this effect, that coefficient, and so forth.