In their efforts to get the European securitisation market back on the road, regulators and central bankers look rather like mechanics crowding round a car, so busy working on the engine they have not noticed the driver has walked away.

Their concern is becoming acute. The Bank of England and European Central Bank called in May for "a better functioning securitisation market in the European Union". A task force set up by the Basel Committee on Banking Supervision and International Organization of Securities Commissions is running an online survey until July 25, asking for input on why the market has not revived.