First experience gained with the euro Let me describe the first experience gained with the euro from the ECB’s point of view. The Eurosystem’s monetary policy strategy provides financial markets and the public with an important framework on the basis of which monetary policy decisions can be explained in a consistent and predictable manner.
However, our estimate of the break-even spread, and hence the profitability of the issue, does not take into account different degrees of subordination across issues. To the extent that that the degree of subordination required by investors is greater than it was previously, the overall profitability of the issue will be lower.