In order to place the TSI initiative in context, let us reflect for a moment on the European repo market, which has grown significantly since the beginning of the financial crisis. As you are all aware, the repo market plays a vital role in the financial system, as a source of funding and more generally, for the provision of market liquidity.
In my opinion, such fears are groundless.11  The criticism leveled by "big rock theory" proponents seems to have converged on the dangers associated with the exit from monetary easing.