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@conference{Reis:euro20years,
	abstract = {In a world with self-generated, endogenous risk and time-varying risk premia, price stability and financial stability are inseparable. A monetary analysis based on the distribution of liquidity mismatch across sectors provides valuable information about the build-up of vulnerabilities in tranquil times and helps to identify balance sheet impaired sectors in volatile times. When the monetary transmission mechanism becomes {\textquotedblleft}sectorially impaired{\textquotedblright}, monetary policy action dis-proportionally favors issuers of government and large corporation debt over small and median enterprises (SMEs). Reviving a prudently designed asset backed securitization market for SME and consumer loans would alleviate this discrepancy and establish a pan European intermediation market.},
	author = {Ricardo Reis},
	booktitle = {ECB Forum on Central Banking: 20 Years of European Economic and Monetary Union},
	date-added = {2023-05-01 18:12:33 +0100},
	date-modified = {2023-05-01 18:12:33 +0100},
	month = {June},
	title = {The Second Decade of the Euro: Old Challenges in New Clothes},
	year = {2019}}