Notes: The dotted line shows ECB staff projections of debt issuance of securities issued by the public sector and the non-financial corporate sector and projections of the European Banking Authority (EBA) for (unsecured) securities issued by the banking sector. The latest observation is for 18 March 2022.
A restrictive approach to cross-border financial trade can enable a country to combine the maintenance of financial stability with purely domestic financial sector policies, while liberalisation in financial services trade typically requires considerable cross-border policy collaboration if financial stability is to be achieved, especially during periods of financial turmoil.