Uncertainty as to the actual effects that can be expected from the newly introduced BRRD instruments seems to have played a role. •  Fourth, negative feedback loops between equity and debt markets, amplified by low secondary market liquidity. B.
The EU response  The responses of the European Union to the weaknesses to the financial stability landscape that emerged have been effective, despite the initial lack of crisis mechanisms and the unfavorable and challenging environment – an environment in which fires were often being simultaneously fought on a number of fronts.