But to be clear, this instrument is by no means intended to make market entry more difficult for foreign banks – and the Bundesbank will continue to advocate fair access for foreign banks. As a result, we will move further away from the idea of serving the world from one spot with the need for only one licence.
The size and dynamics of government borrowing program has a much wider influence on interest rate movements, systemic liquidity and even credit growth through the crowding out of private sector credit demand. Management of public debt, therefore, has necessarily to be  6  BIS central bankers’ speeches  seen as part of broader macroeconomic management framework involving various tradeoffs.