The problem with doing this is that in the short run, the relationship between money and prices can be distorted by portfolio shifts and institutional factors. Short-term developments in money therefore need to be analysed very carefully.
The development of a European securitization market is hindered by the fragmentation of the fiscal and regulatory frameworks (capital markets, insolvency, etc.) prevailing in Europe. Although the harmonisation of national frameworks within a reasonable time frame is not realistic, it would be advantageous, in particular for smaller countries, to develop an opt-in European scheme that would make it possible to overcome the identified barriers.