The Financial Stability Board is currently considering reforms for margins on securities financing transactions. Other interconnections involve exposures to counterparty default. The new regulatory regime for derivatives, which I will discuss in a moment, seeks to mitigate counterparty risk. It is often said that stronger regulation of the banking sector will cause activity to move outside the perimeter of regulation.
No, the credit taps are clearly open everywhere in the euro area, and what we have done at the ECB has been very helpful. It is really finding its way to the end of the pipeline, that is to the corporations. Funding costs for non-financial corporations have decreased by 75 basis points over the last year, so there’s no financial obstacle to recovery.