We are now effectively intermediating liquidity flows among banks in order to mitigate the dysfunctions of money markets. Of course, this is not the ideal long-term solution in a market-oriented economy like the euro area and it also potentially implies increased financial risks for the Eurosystem (which are nevertheless taken care of through adequate risk control measures).
Because of financial market constraints at home or other barriers to efficiency, for example, borrowing or investing abroad in an international currency and exchanging the proceeds for domestic currency might be cheaper than conducting the transactions directly in the home currency.