Looking back at almost 10 years since the start of Economic and Monetary Union (EMU), even the most critical observers cannot deny that our single currency has been a great success. 1. The institutional framework of EMU  Key to the success of the euro has been the ECB’s sustained high level of credibility in effectively safeguarding price stability in the euro area.
So, who is going to fill the gap? (slide) In Europe and the U.S. more than half of CRE financing is provided by commercial banks. Insurers account for more than 10 percent in both regions. In the U.S., ABS issuers gained importance over the last 20 years and account for more than 20 percent of the market today, according to the Federal Reserve.