First, the operational burden of the Asset Purchase Program was increased, as seen in the frequently occurring undersubscription in the Bank’s fixed-rate funds-supplying operation against pooled collateral under the program.
Fostering equity investment by addressing the debt-equity bias and improving financial literacy, for instance, would support the development of an equity culture in Europe, which would, in turn, help to finance innovation, growth6 and risk-sharing7, while also increasing the return on savings for households.