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Development Perspectives of European Secured Notes
Abstract
The idea of creating a new capital market instrument emerged from the concept of Capital Markets Union. It draws inspiration primarily from the very good experience of covered bonds, which provide a stable, long-term and relatively cheap source of financing banking activities, while contributing to building the stability of the financial system. European Secured Notes fulfill the aims of the Capital Markets Union by supporting the financing of small and medium enterprises, which are the backbone of the EU economy, and which have been particularly hard hit by the Covid-19 crisis. The identification of the requirements for the development of ESNs, presented in this article, fits with the needs of the recovery of the post-pandemic European economy.
Keywords:
European Secured Notes, covered bonds, small and medium enterprises, financing economic recovery, ESG financing, Capital Markets UnionJEL Codes
G18, G28Most read articles by the same author(s)
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