Second, households, businesses and the financial system have entered into the current phase in a more resilient position compared to the onset of the financial crisis a decade ago. Indeed, the domestic banking system has played role in supporting the liquidity needs of households and businesses so far in this crisis, including through payment breaks. Looking ahead, the banking system will be making losses.
This market is set to become even deeper and more liquid over time, and hence more efficient. •  One particular area of the capital market in which the markets in euro area countries have traditionally been considerably less active than in the United States is the corporate bond and commercial paper market.