From our perspective, such a framework should aim at: solving the funding problems of solvent but liquidity constrained banks; preserving the level-playing field among financial institutions, avoiding market distortions; and ensuring consistency with the management of liquidity by the Eurosystem and with its operational framework, so as not to impair the implementation of the single monetary policy.
Characteristics of financial markets development inter alia include:  a)  Size of financial institutions and markets (financial depth)  b)  Degree to which individuals can and do use financial institutions and markets (access)  c)  Efficiency of financial institutions and markets in providing financial services (efficiency), and  d)  Stability of financial institutions and markets (stability)  12.