Strengthening economic governance is essential to create sustainable growth and job creation in the future, whilst preserving the national diversity that makes Europe unique. It is fundamental to the success of a union with a centralised monetary policy and decentralised economic policies, which is not a political union.
With lenders increasingly unwilling to extend credit against these assets, liquidity-strained institutions made increasingly distressed asset sales, which placed additional downward pressure on asset prices, leading to margin calls for leveraged actors and mark-to-market losses for all holders of the assets.