The Governing Council also offered additional longer-term refinancing operations including, naturally, the three-year refinancing operations at the end of 2011 and the beginning of 2012 in particular. In this way, the Eurosystem took over a major part of the money market’s role as an intermediary. The closer involvement of the Eurosystem is, of course, associated with risks.
However, it can reduce the danger of a widespread bank run, which is good news for the economy as a whole. 3. The banking system  However, if the abundant injections of central bank money are used not only to bridge temporary liquidity shortfalls but, in extremis, to keep insolvent banks on long-term life support, matters could get tricky.