Even after losing the competitive advantage of the D-Mark, it has remained the benchmark issuer and is able to borrow at the comparatively lowest cost. For that reason, the Federal Government - quite apart from the fundamental legal reservations against a communitisation of debt management - should hardly be interested in communitised borrowing under the umbrella of a European debt agency.
A future version of the Regulatory Sandbox could also benefit from other, more drastic tools, for instance the lifting of particular requirements, where permitted by law, or the granting of an authorisation under restrictions. In conclusion, as of today, the Bank of Greece will be accepting applications from FinTech firms for participation in the Regulatory Sandbox.