Now, it’s being cast as a potential hero for a troubled Europe facing trade tariffs, increased defence spending needs and bloated budget deficits.
In the wake of the 2008 financial crisis, the role of villain partly fell on securitisation, turning it into a long-term pariah in Europe.
Since then, the market of packaging different loans into products to sell to investors has weakened, made so costly by post-crisis rules that outstanding debt has almost halved from the 2009 peak of €2.3 trillion (US$2.7 trillion).
