Interestingly, this joint note by the BOE and ECB, on the EU securitization market, focuses on the need to revive the EU securitization market, by promoting simple structures and well identified and transparent underlying asset pools with predictable performance (so-called ‘high-quality’ securitization).It shows that despite the low issuance and the modest take-up by investors, most European structured finance products performed well throughout the financial crisis, with low default rates. This plea by the Central Banks is to be seen in the context of the ongoing deleveraging of the European commercial banks’ balance sheets. Securitization provides an alternative to expand credit and access investors’ capital.