Second, I will present some evidence on the on-going search for yield in corporate bond markets. Third, I will also address specific challenges related to the fragmentation of the euro area financial markets.
Fourth, I will draw upon forward-looking solvency analysis results published in the ECB’s most recent Financial Stability Review to discuss some of the consequences of  1  See Stein, J. C., 2013, Overheating in Credit Markets: Origins, Measurement, and Policy Responses, speech held at a research symposium at the Federal Reserve Bank of St. Louis, 7 February 2013.