At the same time, only those areas should be regulated which can in fact trigger systemic risk. Innovations in the financial sector should not be blocked per se. Second, many financial instruments are not uniformly European and are sometimes insufficiently comparable because of a lack of standards and a lack of transparency. I have already mentioned the problem of ABS.
The lack of proper information in this area is a problem for SMEs’ access to credit. Here and in relation to many other financial instruments, regulatory actions can help to support the market. As I also mentioned, the joint paper by the Bank of England and the ECB may provide a good basis here.