Benoît Cœuré: Embarking on public sector asset purchases Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the Second International Conference on Sovereign Bond Markets, Frankfurt am Main, 10 March 2015. *  *  *  I would like to thank Marie Hoerova, Peter Hoffmann and Andreas Moser for their contribution to the speech.
4  These observations regarding the ability of firms to finance themselves in the post-crisis landscape emphasize the importance of facilitating the growth of market finance. Apart from filling the void created by the contraction of the banking system, more developed market-based finance and the accompanying financial diversification will enhance the stability and the efficiency of both the financial system and the real economy.