And this solution will probably serve its purpose better this time than previously, since the lessons of the inadequate regulation of some securitisation models in the past can be taken into account. The ABS and the Covered Bond Purchase Programmes will provide an initial boost, especially for the European ABS market which has lain largely dormant since 2008.
Last autumn, on our Thanksgiving weekend, G-7 finance ministers and central bank governors put in place a plan of action acknowledging the need for a global solution.