Although the cost may not be very evident right now, as a policy decision-maker and an economic expert this is an issue that one cannot but feel considerable intellectual burden. The most outstanding phenomenon of the global financial crisis has been the surge in global liquidity, which is an aftereffect of quantitative easing.
This is a major advancement in Europe’s securities infrastructure, allowing banks to carry out cross-border securities transactions in the same way as they make domestic transactions, and at lower cost. It also enables banks to manage their collateral more effectively by creating a single, centralised pool of liquidity.