In 1995, responding to evidence  4  As discussed by Faust (1996), the structure of FOMC governance was motivated by the traditional view that governments are tempted to resort to inflation in times of stress.
The share of funding from MBS has declined but has been fully compensated for by an increase in the share of covered bond issuance. Note that part of this 3  For more detail, see “Recent Developments in Securitisation”, European Central Bank, February 2011. BIS central bankers’ speeches  3  shift reflects a compositional shift in the industry.