The “denationalisation” which this achieved was desired by all of member states and explicitly recognised by the signing of the Maastricht Treaty, which was unanimously approved by the second chamber of the German parliament representing the Länder or regions, the Bundesrat. Monetary policy can only be “denationalised”, however, if national aspects no longer play a role in the assessment of monetary policy.
As a result, funding conditions in the CP and corporate bond markets have tightened, as indicated by the wider credit spreads on CP and corporate bonds and the difficulty faced by firms in issuing either. Moreover, an increasing number of firms, not only small but also large ones, have reported that their financial positions are tight and lending attitudes of financial institutions are severe.