For that, the structure of incentives would have to be changed, so that both borrowers and lenders have a common interest in finding a pragmatic solution to the debt problem. The data tell us that this is not happening. Conversely, non-performing loan levels are continuing to increase. The reform of the foreclosure process is part of the change that has to come about.
Although it is not our direct responsibility – the European Commission is responsible for the proposals – it is very important for us. A wellintegrated and deep capital market would facilitate the functioning of our monetary policy, as our key interest rates would then be transmitted more smoothly. And there would be more risk-sharing via ownership of assets.