The Missing Pieces of SME Lending CEPS-Brussels December 4th 2013 - - PowerPoint PPT Presentation
The Missing Pieces of SME Lending CEPS-Brussels December 4th 2013 Intervention of Francesco Papadia in short 1. The focus of policy making in the area: Crisis and demand Supply and long term growth VS management -area economy growth
2 …in short
Crisis and demand management Supply and long term growth
VS
€-area economy growth
Necessary but not sufficient condition
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Crisis management
Banking union
A single Rule Book A single supervision: A single resolution mechanism A common deposit guarantee scheme
Japanification risk
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Bank based financial system
Banks set to suffer for a while longer from crisis effects Particular negative impact on SMEs and households
Danger vs. opportunity:
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SMEs and households ABS Capital markets Bank based financial system
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Vs. ABS nostalgia
No skin in the game Leverage (re-securitization) Embedded maturity transformation Lack of transparency
(Commission role) Consistent across regulation sources Consistent with HQS
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