The combination of globalisation and technological progress has also provided all companies, and not just multinationals, with a new potential pool of human capital from around the globe, such as low cost manufacturing workers from China, software and customer service professionals from India, or skilled workers from Eastern Europe.
As is borne out by the results of our study, these measures are likely to have made it easier, particularly for the smaller institutions that are less active in the money market, to obtain access to liquidity in these turbulent times. The Eurosystem has thus made a decisive contribution to stabilising the European money market, including the longer-term maturity segment.