However, as long as money markets remain dysfunctional, the Eurosystem will continue to provide liquidity as needed in order to ease tensions in the impaired money markets, with a view to ensuring that access to liquidity of solvent banks is not disrupted, thereby contributing to safeguarding financial stability.
At the same time, we very much look forward to the reactivation of interbank lending and to banks resuming their traditional intermediation activity. 5. Recent coordinated initiatives  Let me briefly refer to the recent coordinated initiatives of international and European governments and central banks.