In developing laws or rules to address repayment ability, the rules must be specific enough so that creditors can determine whether their practices are in compliance because legal uncertainty could have the unintended effect of reducing credit options for creditworthy subprime borrowers.
At the same time, some Eurosystem central banks, including the Bundesbank, found that our corporate sector purchase programme (CSPP) was unable to support companies in all euro area countries in the same way. Why was that? Because some financial market segments are still relatively underdeveloped on a national level. The German commercial paper market is a case in point.