ECB workshop on "The structure of the euro area market for banks' debt financing and implications for monetary transmission and financial integration”

The workshop will focus in the first place on effects of the recent financial crisis on different market segments for banks’ debt instruments, notably bank bonds, covered bonds and ABS, against the background of trend developments in the pre-crisis period. Cross-country differences in the various market segments will be of great interest. Second, the workshop will also discuss the structural functioning of these markets, their structural changes in the context of recent financial strains and possible developments going forward. In this respect, the workshop will review recent state of the art models of banks’ debt financing decisions and recent academic analyses of the effects of future regulation on banks’ funding decisions and on developments in different market segments for banks’ debt financing. Finally, the workshop will relate the recent trends and developments to the process of European financial integration and ultimately the implications for monetary transmission.