In addition, the real (inflation-adjusted) value of debt will also rise (as general prices fall) making repayment ever more difficult. Could low interest rates simply result in ever higher asset prices, benefiting their owners but widening the wealth divide? This is an issue that we have been thinking about a lot.
Centralised stock exchange and securities supervision would scarcely be able to function without a European regulatory framework. Effective stock exchange supervision depends on being particularly close to the markets. National bodies possess such market proximity in a more or less natural way.