An open discussion, especially a discussion that compares the reform experiences of various countries, can therefore help improve understanding of these matters. As such, it is a prerequisite to reaching a broad social consensus on the needed reforms. I would now like to introduce our distinguished guests: Yves Mersch became the first Governor of the Central Bank of Luxembourg, upon its creation in 1998.
Normally, the intended buyer of corporate bond is QIBs (qualified institutional buyers), who are strong in market analysis and risk taking. Corporate bond issue usually follows a simple procedure and can be done quickly. Individual investors, weak in market analysis and risk taking, tend to rely on government. Therefore, governments may require bank guarantee for bond issue.