The provision of central bank liquidity – be it through monetary policy credit operations or emergency liquidity assistance – should however by no means be automatically assumed in resolution planning. Resolution financing is foremost a government task, now complemented by the rules and procedures applied by the Single Resolution Board and the national resolution authorities within the framework of the SRM.
But in such times – and especially in a multi-country currency union – political leaders who transcended national perspectives when assessing our monetary policy, and who acknowledged the euro area perspective and explained it to their domestic audience, provided an essential bulwark for our independence.