And it has to some extent eased refinancing pressures for assets, such as ABSs, that faced a nearly complete withdrawal of third party investors, since they can be brought forward as collateral in credit operations of the Eurosystem. This includes also ABSs that counterparties have originated themselves and retained on their balance sheet.
Those who have lost jobs, I know, are not readily consoled by the fact that current job insecurity concerns are not new. But keeping the current period in context is instructive. Jobs in the United States were perceived as migrating to low-wage Japan in the 1950s and 1960s, to low-wage Mexico in the 1990s, and most recently to low-wage China.