As a result, conventional monetary policy tools had been almost exhausted by around 1997–98 when anxiety about the financial system due to the financial crisis reached its peak.
WSJ: Mario Draghi mentioned Thursday a catalogue of options including facilitating the ABS market, funding for lending and quantitative easing. We really need to work on the ABS case. Going back to 2010, the decision taken by the Basel Committee to strengthen capital requirements for asset backed securities was the correct one.