I believe that there are three aspects to this problem: first, the rental market structure, particularly in terms of security of tenure, can play a role. Second, the investment horizons of landlords are important.
In a true single market, one could expect a Europe-wide  primary market for securities to develop in order to ensure equal and unrestricted access for economic actors. We stand ready to examine the need for and potential of such a European issuance service together with potential users. 3.