So far the ABS market has probably played a minor role in private sector debt financing; its main driver may have been the collateral needs of banks. From the view point of regulation these facts should not be forgotten. It is desirable to make regulation such that it restricts neither the supply nor the demand side of the ABS market.
And in my opinion, what is left to be done goes very much in the direction of more – rather than less – integration of our economies. There are measures that may be taken to achieve this goal in many areas and, foremost, in the field of regulation. 1.