The complex nature of this subject, concurrent powers between the central and regional governments, and the need to design the intervention so as to preserve the natural environment and balanced town planning make the effects of such action uncertain in the short term, however.
Enhancement of the capital markets role In the euro area, banks have historically played an important role in financing the real economy. Bank loans account for most of household borrowing and around 50% of nonfinancial firms’ external financing, which is very different from the US where around 75% of firms’ financing comes from capital markets (equity and debt securities).