In particular, the very low interest rate environment and the unconventional monetary policies conducted by the main central banks dramatically changed the operating environment and the incentives for banks and markets. At present, there are four key issues that in my opinion deserve the attention of policymakers and researchers:  1.
Accordingly, the SBBS asset class could support the completion of banking union, capital markets union and monetary union, without weakening market discipline and without taking steps towards fiscal risk sharing.