BIS central bankers’ speeches  3  Developing capital market sources of finance From a medium-term perspective, it will be important to develop capital market sources of finance in order to progressively make euro area firms less reliant on bank credit.
This would also contribute to a rebalancing of firms’ financial structure after the fast increase in their leverage during most of the past decade in several euro countries. The Italian Presidency’s agenda emphasizes the development of capital market sources of finance and of non-bank financial intermediaries (venture capital funds, debt funds, European Long-Term Investment Funds – ELTIFs).