Christine Lagarde did not only quote poet Ralph Waldo Emerson and philosopher Immanuel Kant, she also underscored the important role of securitisation in a functioninig capital markets union:
"A genuine CMU would mean building a sufficiently large securitisation market, allowing banks to transfer some risk to investors, release capital and unlock additional lending. In the United States, banks have access to a securitisation market that is three times the size of Europe’s. This could be even more powerful in our bank-based financial system."
The full speech can be found at A Kantian shift for the capital markets union (europa.eu)
