This seems the most appropriate approach for a number of reasons. First, the size of our balance sheet is already expected to significantly shrink and its composition will change as the TLTROs are wound down, ultimately leading to a reduction of around € trillion in excess liquidity.
Issuers are compelled to gear their issuing policy more closely to the requirements of international investors. Banks and European stock exchanges and financial centres are also feeling the higher wind speed of competition in the euro area. The euro zone has accelerated the change engendered by the advance of globalisation; in a sense, European financial markets are undergoing a dual process of radical change.