15 See Report of a CEPS-ECMI Task Force on Rebranding the Capital Markets Union. 16 See Kraemer-Eis, H. (2017), “SME securitisation in Europe – a short summary”, European Investment Fund. 17 See Bank of England and ECB (2014), “The case for a better functioning securitisation market in the European  Union”, Discussion Paper, May.
Approaches taken have engendered controversy over the power of monetary policy at the ZLB. However, recent large-scale asset purchases undertaken by central banks in advanced countries confirm that the possibilities for monetary policy do not end at the ZLB. 5 Finally, under emergency conditions of financial market distress, central banks may perform the role of lenders of last resort.