See also B. J. Eichengreen (2008): "Sui Generis EMU", NBER Working Paper No. 13740, on the unique features of EMU compared with past monetary unions. 3  See ECB (2007): Review of the international role www.ecb.europa.eu/press/pr/date/2007/html/pr070625.en.html. BIS Review 31/2008  of  the  euro,  June,  available  at  3  to a number of areas and policies.
Moreover, when we looked at the loan-level data we saw a clear correlation between "low-doc" or "no-doc" lending and performance problems, particularly early payment defaults. That is why we have proposed to complement a broad requirement to assess repayment ability with a specific requirement to verify the income or assets a lender relies on to make a credit decision.