On all these aspects, some more concrete thinking is necessary, and in any case it is necessary to accept that there are some objectives which must be met, that there is a new paradigm and that it is necessary to redesign the instruments to meet such objectives in a changed situation.
Money markets continue to show signs of tension despite innovative tools generated by monetary authorities. Libor and Euribor rates are recording wide spreads compared to yields on low counterpart risk such as U.S. treasuries. This is largely due to credit risk perceptions among banks, with some degree of overshooting in financial institution spreads.