If there is public interest in market intervention, for example in order to specifically encourage lending to small and medium-sized enterprises, the national governments of Member States should not be left out of the equation or, expressed more precisely, they should not be relieved of their responsibility.
For instance, government guarantee programmes implemented via state development banks for the more risky ABS tranches could be a decisive contribution to success. Micro- and macro-prudential instruments to preserve financial stability I have now referred often enough to the benefits, but also the medium and long-term risks, of conventional and unconventional measures.