The crisis is a reminder of long-term stability orientation, measures taken are almost exclusively short -term.
- Banks now have greater government debt exposure
- ECB liquidity operations boosted government debt on bank’s books
- Crisis blurred the boundaries between money and fiscal policies
- Monetary policy is no panacea
- ECB measures may delay tackling the real causes of the crisis
- Mutualizing liabilities may cause instability
- Need for more symmetrical monetary policy
- Sovereign bonds need to be adequately risk weighted
