The power of central bankers' proclamations has never been greater: European Central Bank President Mario Draghi stopped the euro-zone crisis in its tracks with just 23 words in July 2012. But it will take more than words if Europe is to revive its securitization market. Regulators are still fighting the last crisis.

A clear push is on to bring securitization in from the cold and boost credit availability. The ECB's Yves Mersch has been a vocal supporter; at the Bank of England, Andy Haldane and Clara Furse have also been...