All too often, however, the regulator does not sufficiently suffer from professional deformation and a sneaking suspicion that the market may be wrong is weakened or drowned-out by the plausible chorus of boosters to which the local regulator is daily exposed. Here again one can hope that the outsider will bring untarnished to the party the scepticism that is natural for all regulators.
As a sign of things to come, the decline in bank credit is already to some extent compensated for by an increased issuance of corporate bonds. And the recent initiatives to create an active market for high-quality securitisation 18 will help further in this direction. Conclusion Let me conclude.