But, above all, the following also applies – no national central bank is able to increase its balance sheet indefinitely or freely. There are strict limits, which are decided on each year, as regards the size of these net financial assets of each national central bank.
At the same time, at the microeconomic level, financial innovations were implemented in a manner that fostered wrong incentives, notably in the securitisation process, which should have helped, in principle, to better diversify and manage economic risk. The securitisation of assets made it possible for financial institutions to sell loans within complex and opaque financial products and to take them off their balance sheets.