We are talking about securities that are not linked  2  BIS central bankers’ speeches  to the Greek sovereign and which, on top of that, are subject to a “haircut”. This should offer sufficient protection.” Last year saw the start of the banking union. What is the next big project for the ECB? “That would be the capital markets union.
Although it is not our direct responsibility – the European Commission is responsible for the proposals – it is very important for us. A wellintegrated and deep capital market would facilitate the functioning of our monetary policy, as our key interest rates would then be transmitted more smoothly. And there would be more risk-sharing via ownership of assets.