Rather, allow me to point out that the major role that central banks played, first in containing the immediate effects of the financial crisis and then in drastically easing financial conditions to stimulate demand, must not lead to an overburdening of central banks. This is not only an issue in the euro area.
In my opinion, the aforementioned principles should be applied in this context, too: there should be no explicit or implicit government guarantees regarding the solvency of the respective banking system; temporary liquidity crises should be resolved, wherever possible, before government intervention becomes necessary; the private sector should be comprehensively involved both in crisis management and in loss-sharing.