My reading of the two papers by Brunnermeier and Sannikov3, distributed for this event, enforce the points made by Woodford: since risk-taking is endogenous, just clearing up the damage in crisis times is not enough, there needs to be some leaning to control the build-up of risks.
High reliance on banks  One key common denominator of the euro-area economies is that they rely heavily on bank finance. Financial markets and non-bank intermediaries are less developed than in the US or the UK, and typically do not fully compensate for shifts in the supply of bank credit.