These steps were undertaken with the sincere belief that they were absolutely necessary to address the challenges posed by the financial crisis. For example, the Fed established credit facilities to support particular asset classes, such as commercial paper and asset-backed securities.
Furthermore, by virtue of its openness and its breadth, the bond market of the euro area has become an important component in international bond markets and can be expected to develop further in the coming years. This picture of the euro bond market in terms of size, growth and international participation goes hand in hand with increased liquidity and efficiency.